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The Unstoppable Rise of SLBs
When Stern Group set out to expand its Mercedes-Benz dealerships across The Netherlands last year, the automotive company turned to an alternative financing strategy that is seeing strong momentum in the commercial real estate industry. The Dutch company sold 10 of its retail and service sites to W. P. Carey (WPC), a real estate investment trust (REIT) specializing in corporate sale-leaseback financing and single-tenant net lease acquisitions, for $62.9 million.
As part of the strategy, Stern immediately leased back the retail portfolio in a 17-year triple-net deal with WPC. Thanks to the new-found liquidity through the sale-leaseback ' a form of financing that allows companies to maximize the value of real estate assets ' Stern reduced expensive bankrolling and is funding new growth of its Mercedes-Benz dealerships in Europe.
“A long-term sale-leaseback was the logical decision to free up illiquid capital tied up in our real estate holdings to fund strategic growth initiatives,” said Henk van der Kwast, chief executive officer of Stern, noting that the SLB-net lease deal allowed him to “advance strategic components” of the company's business plan.
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