PB Holding N.V. — Capital/Financing Update 2017

Dec 13, 2017

Press release

12 December 2017

Stern Group realises sale and leaseback of two premises

Stern Groep NV, the Dutch listed automotive group, is to sell two strategic premises to Aviva Investors and will lease the premises back for 15 years and 20 years. The lease contracts are in line with the market. Aviva Investors buys the two assets 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. The transaction will generate proceeds of € 16.5 million and a book gain of € 2.2 million for Stern Group. After repayment of mortgages amounting to € 7.0 million, additional liquidity of € 9.5 million will remain. This sale and leaseback transaction will positively affect the solvency and liquidity position of Stern Group. The negative effect on profitability will be limited due to lower interest expense and lower depreciation.

Strategic premises

Stern Group is selling two strategic premises this year. The premises in Almere (Svala Auto) was purchased from the then lessor in June 2017, and is now to be sold again and leased back for 15 years. The other premises concerns an ultra-modern dealership in Purmerend newly built in 2017 under own management, that shortly after delivery to Heron Auto will be sold and leased back for a period of 20 years. Both premises will be leased back on the basis of 'triple net'.

Book gain

The book gain on the sale and leaseback transaction of approximately € 2.2 million will be recognised in the results for the 4th quarter of 2017.

Note to editorial staff, not for publication: For further information, please contact H.H. van der Kwast (Stern Group), T +31(0)20 613 60 28

Profile of Stern Groep N.V.

Stern is a large Dutch mobility group that has been listed on Euronext Amsterdam since 2000. Since then, the intended significant growth has been realised in the major car-intensive regions of the country: North and South Holland, Utrecht and North Brabant. The network has more than 100 branches with approximately 2,200 employees, and collectively realises net annual revenue (excluding BPM) in excess of € 1 billion. Stern will continue its growth strategy in the coming years.

Stern believes in individual mobility, sustainability and diversity. For this reason, it offers a wide variety of car brands and additional mobility services. For those preferring a means of transport other than a car, Stern now offers electric 2, 3 and 4 wheel transport solutions with speeds of up to 45 kilometres an hour via Mango Mobility.

With Stern Mobility Solutions, Stern is engaged in services including car leasing (SternLease), rental (SternRent), fleet management (SternPartners), insurance (SternPolis), finance (SternCredit) and extended guarantees (SternGarant). Stern Mobility Solutions manages approximately 14,000 vehicles and more than 60,000 contracts.

With a growing network of currently 18 branches, the Stern Car Services division offers services in the area of (brand-certified) repairs, universal after-sales and the intake and provision of rental cars (SternPoint).

Dealergroup Stern has five clusters representing several leading brands such as 1) Mercedes-Benz, 2) Renault and Nissan, 3) Ford, 4) Volvo, Land Rover and Fiat, 5) Volkswagen, Audi, Kia and Opel. Dealergroup Stern has a total of approximately 85 branches.