DaimlerChrysler will sell and lease back its former Stuttgart headquarters in a deal that will generate EUR240m ($US303.8m) in cash and boost operating profit by around EUR18m this year.
Go deeper with GlobalData
According to Reuters, DC said in a statement on Friday it had sold the property to IXIS Capital Partners and would lease it back for 15 years.
DaimlerChrysler said it would report the operating profit generated by the sale over the years of the leaseback, in accordance with US accounting standards.
“It will be an eight-digit figure (in euros) for each year, and will amount to 18 million euros in the year 2006,” it said, according to the report.
Reuters noted the property will change hands in the fourth quarter of this year if anti-trust authorities approve, and the cash flow will also be booked in this period.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
