Friday, October 27, 2006

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We had always operated under the assumption that there's no quick way to make a buck in the auto business. Turns out we were wrong as DaimlerChrysler has just sold its headquarters in Stuttgart for $308.8 million in cash to IXIS Capital Partners Ltd. Don't fret the building's new owners won't be kicking DCX to the curb as the automaker simultaneously signed a 15-year lease to stay on the premises. The money from the sale will boost the automaker's operating profit by $22.9 million this year as DCX is required to report income over the duration of the lease. It's perhaps the fastest $380 million profit we've ever seen a carmaker turn and the most creative. Chances are that if DCX is doing well in 2021 the automaker will buy its HQ right back.

[Source: Automotive News]

 

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