LaSalle Investment Management has acquired a portfolio of 141 Speedy garage service centres for a total amount of EUR 61.6 mln. The portfolio, which is located across several French town centres, has been purchased through a sale-and-lease-back transaction on behalf of the French fund LaSalle II.
LaSalle Investment Management has acquired a portfolio of 141 Speedy garage service centres for a total amount of EUR 61.6 mln. The portfolio, which is located across several French town centres, has been purchased through a sale-and-lease-back transaction on behalf of the French fund LaSalle II.
Speedy France is the French equivalent of Britain’s Kwik-Fit. It was acquired by its UK rival in 1999. The properties, let for a 10-year period, cover 50,600 m2 of car service space. Kwik-Fit itself has also disposed of properties this month in a sale-and- leaseback deal. GE Real Estate UK and Paradigm Real Estate Managers (PREM) joined forces to acquire 148 Kwik-Fit garage services centres for £103.7 mln (EUR 151.6 mln).
Commenting on the Speedy deal, Andy Watson, head of LaSalle's acquisitions programme in southern Europe, said: 'With this deal, we have become one of the main players in the French automobile sector.' La Salle was advised by property consultants Colliers, Depardieu and Cheuvreux. Savills and Orrick acted for the seller. ABN AMRO provided the financing.
