Hornbach ties up sale and leaseback package

In the course of its sale and leaseback strategy the Hornbach group has completed contracts covering the sale and leaseback of seven DIY and garden stores, partly already in existence and partly at the planning stage, in Germany and Switzerland. A shopping centre located in Germany has also been sold. The total value of the portfolio amounts to approx. € 200 mio. The purchaser is Crawford Properties Ltd of Gibralter, which is backed by the Israeli investor Igal Ahouvi.
Hornbach has already carried out a number of sale and leaseback transactions in Germany and other parts of Europe over recent years. The company's intention is to improve its liquidity and the long-term security of its locations at one and the same time. The sales are being effected within the scope of the strategy that requires around 50 per cent of the operational real estate to remain in the ownership of group companies.