Published: 11-11-2016 14:55

Stern Group, the Dutch listed automotive group, announces it has made good progress with the sale of more real estate. A property in Amsterdam that was let to third parties was sold in September 2016. A letter of intent has recently been signed with a Dutch investor regarding the sale and leaseback of the head office on Pieter Braaijweg in Amsterdam purchased in January 2016. The property will be leased back on market conditions for a term of 12 years. Stern Group has realised a book profit of over € 5 million before tax on the two properties.

The sale of the property in Amsterdam let to third parties has now been settled in full. The transaction for the head office will be completed this year. The investor has not set any financing conditions and will carry out a technical due diligence investigation in the next few weeks, after which the transaction will be completed. A further letter of intent has been signed with respect to another property in Amsterdam let to third parties. After a technical due diligence investigation that is still to be carried out, this transaction is expected to be completed in Q1-2017. There will also be a book profit on this transaction. Including the sale and leaseback of 10 strategic dealer premises in Q4-2015, good progress has been made on raising liquidity for the funding of further organic growth of the lease portfolio of Stern Financial Services.

The Q3-2016 figures for Stern Group will be published on 15 November 2016 after the stock market close.

Press here for the press release dated 11 November 2016 in English

Klik hier voor de pdf van het volledige persbericht d.d. 11 november 2016 in het Nederlands