Stern Groep sells three buildings to Aviva Investors
The listed automotive group Stern Groep sells three of their car dealerships to Aviva Investors and leases them back for periods of 15 and 20 years. Aviva Investors buys the three buildings for their Continental European Long Lease Strategy Fund (CELLS).
Aviva Investors is the global asset management business of Aviva plc with around € 437 Billion worth of Assets under Management, of which around € 44 Billion invested in real estate. Stern realizes a transaction volume of € 16,4 Million for the three assets.
The three buildings are located in two strategic locations, Almere and Purmerend. The building in Almere serves as a Volvo dealership and was purchased from the former lessor in June 2017. The building, with a size of 3,300 sqm GLA, will be leased back for a period of 15 years.
The other property comprises two ultra-modern car dealerships which have been newly built and delivered by Stern in 2017. These two showrooms are dealerships for the brands Audi and Volkswagen / Seat / Skoda, and will be leased back for a period of 20 years and have a total surface of over 7.400 m² GLA.
All three buildings are leased back on the basis of a triple-net lease agreement. Seller Stern Groep was advised by Colliers International and Van Doorne N.V., buyer Aviva Investors was advised by CMS Derks Star Busmann.