German voxeljet AG – a manufacturer of large-format 3D printers and services for industrial and commercial customers, has concluded a contract with the so-called leaseback, which is to bring him about EUR 26.5 million gross income. The company plans to use the proceeds from this transaction to pay off its financial obligations. The transaction is to be finalized at the end of the third quarter of 2022.
The sale and leaseback transaction involves a 135,380 square foot facility in Friedberg, Germany, which serves as the headquarters of Voxeljet as well as a center of excellence for the research, development and production of 3D printing systems. The agreement was concluded with an institutional, unrelated investor and is subject to approval by the regulatory authorities in the Federal Republic of Germany. The facility’s leaseback is a 15-year lease commitment with two consecutive five-year extension options.
“As we pursue the path towards profitability, this sale and leaseback transaction is in line with our goal of securing non-diluting financing,” said Rudolf Franz, COO and CFO of voxeljet. “We plan to use the proceeds to pay off outstanding financial obligations and focus on our core business, which is the development, production and sale of technologically advanced industrial 3D printers.”
Sale-and-leaseback is a special type of financial lease in which the lessor buys an investment good from a future lessee and then gives it over for use. By defrosting the capital previously invested in the funds, he continues to use them, and leasing installments constitute a tax-deductible cost for him.
Source: www.voxeljet.com