Aaim signs EUR 590m leaseback deal with car dealer

Pendragon, the largest car dealership in the UK, has signed a £400 mln (EUR 590 mln) sale-and-leaseback agreement with property investor Aaim, the Sunday Times newspaper reported.

According to the newspaper, Pendragon is forming a joint venture with Aaim in relation to 115 of its assets, including its head office near Nottingham. Pendragon will rent back the properties on leases ranging from 18 to 25 years.

Neither Pendragon or Aaim, which is backed by Manchester United manager Alex Ferguson and other celebrities, commented on the report. Separately, Pendragon announced it had sold the assets of its four remaining dealerships in Germany for £6 mln.