Sale-and-leaseback specialist WP Carey has acquired a portfolio of 73 car dealerships across the UK for £230.5 mln (€308.5 mln).
Sale-and-leaseback specialist WP Carey has acquired a portfolio of 73 car dealerships across the UK for £230.5 mln (€308.5 mln).
The properties are leased to Pendragon, the UK’s largest automotive retailer, and account for around one-third of the company’s 225 franchise locations, occupying a total area of 149,000 m2.
The triple-net lease portfolio has a weighted average lease term of 15 years and includes annual inflation-based rent escalation.
WP Carey executive director Jennifer Lucas said: ‘Given the long lease terms and the diversity of the properties acquired, we believe the Pendragon auto dealership portfolio is a strong addition to our portfolio.'
WP Carey is a New York-based REIT specialising in corporate sale-leaseback, build-to-suit construction financing, with approximately $8.3 bn (€7.3 bn) of assets under management.
