Savills to market 311 properties for Kwik-Fit

Property advisor Savills has announced that it has been instructed to dispose of a pan-European portfolio of roadside properties - in sale-and lease-back agreements - for an asking price of more than EUR 203.5 mln. The portfolio comprises 311 properties in the UK, the Netherlands and France with an overall rent of EUR 13.368 mln per annum. This will rise to EUR 17.933 mln in year 10. The portfolio offers development opportunities on a number of the units.

There are 148 properties in the UK with a rent roll of EUR 8.662 mln per annum. The properties will be let on a 25-year lease with five-year upward only rent reviews to Kwik Fit GB, and a guarantee from Kwik Fit Holdings. The rental increase for the first 10 years will be a minimum of 3% per annum payable every fifth year, Savills said.

In France there are 149 properties with a net rent roll of EUR 4.061 mln per annum. The properties will be let to Speedy France SAS with a guarantee from Kwik-Fit Europe, for a term of 10 years with annual increases linked to INSEE. The remaining 14 locations are in the Netherlands with a rent roll of EUR 643,000 per annum. The properties will be let to Kwik Fit Nederland with a guarantee from Kwik-Fit Europe for a term of 15 years, with ROZ/IPD increases applied annually.

'This is the culmination of a corporate review we have undertaken for Kwik Fit over the summer. In eight weeks we have inspected, measured and priced 370 properties across four countries through our European network,' said Simon Hope, Savills' head of investment.