Swedish listed property company, Sagax, has struck a sale leaseback transaction with the operator of a car sale and transport group with sites across the Netherlands, Belgium, and Germany.
Hedin Mobility Group has agreed to sell the16 assets and lease them back on long-term triple-net terms for a total of 68,800 m² of lettable floor space and 180,000 m² of private land. The portfolio breaks down as seven properties in the Netherlands, eight in Belgium and one in Germany.
Over recent years, Swedish group Hedion has built up sales in excess of SEK 50 bn (€4.2 bn) and sold more than 180,000 vehicles.
It has also been on the acquisition path of late. On August 18, it revealed the takeover of Renova Automotive Group, adding BMW and Mini dealerships to its Dutch brand portfolio as it grows in south-west Netherlands. In July, it announced the acquisition of Stephen James Group in the UK.
Moreover, it is in the throes of listing bonds on the Nasdaq Stockholm.
The properties it is leasing back are used by Hedin for the sale of cars, which accounts for 69% of rental income, trucks and other transport vehicles (25%) and for associated workshop purposes.
Sagax said the investment amounted to approximately €99 mln including transaction costs. The rental income amounts to approximately €7 mln per year and is fully indexed.
