Hornbach Holding AG Web Site - January 20, 2006
Within the framework of its sale and lease back strategy, the HORNBACH Group has concluded agreements for the disposal and renting back of a portfolio of seven existing and planned DIY megastores with garden centers in Germany and Switzerland. Furthermore, a specialist retail center located in Germany has also been sold. The total value of the portfolio amounts to approximately EUR 200 million.
The Purchaser, Crawford Properties Ltd of Gibraltar, is a company controlled by the Israeli investor Igal Ahouvi. Mr Ahouvi has over the past 18 months expanded his real estate portfolio through large scale transactions in Germany and Europe.
In the past years, HORNBACH has already successfully executed several sale and lease back transactions with various open and closed real estate funds and institutional investors via markets in Germany and other European countries. These transactions enable HORNBACH to improve its liquidity, while simultaneously securing its locations in the long-term. Such disposals are undertaken in line with the strategy to hold approximately 50 per cent of all real estate required for operations in the group companies.
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Tuesday, January 24, 2006
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