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Pelikan Needs Cash, Sells Off Logistics Center in Germany For €81M To U.S. Company.
The Pelikan Group’s logistics center in Falkensee is to be sold to an American real estate company in a sale & lease-back contract for the equivalent of 81 million euros.
As the parent company Pelikan International informs, the group will free up capital resources through the planned sale and strengthen the group’s financial position. The buyer is an investment company based in Luxembourg, which is said to be a subsidiary of HWE Investor GP, which is in turn part of the American investment group Hillwood based in Texas. The Hillwood Group is an industrial, commercial and residential real estate developer, operating primarily in the United States and with operations in the UK, Germany and Poland. The multi-storey building complex has almost 135,000 square meters of usable space, including a distribution center, offices, a canteen as well as high-bay and box storage areas. The income for rent and parking garages in 2020 was estimated at the equivalent of 2.81 million euros.
The property was part of the Herlitz purchase in April 2010, at that time for around 45.0 million euros. With the proceeds from the sale, Pelikan International now wants to reduce its debt burden, a further part is to flow into the general working capital of the group and the administrative, operating and financial costs as well as a special distribution to the shareholders. The information also states: As part of the internal reorganization, Pelikan International is examining the merging and redistribution of existing systems and production facilities “in order to improve efficiency and profitability”. The coronavirus pandemic has led to a general decline in sales that has a negative impact on profitability.
The implementation of the proposed sale is still subject to change, postponement and termination are possible if certain requirements are not met, according to Pelikan International.
https://www.pbs-business.de/news/lieferanten/09-07-2021-pelikan-verkauft-logistikzentrum-in-falkensee/
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