W. P. Carey buys 73-property portfolio for £230m
W. P. Carey has acquired a portfolio of 73 automotive retail facilities located throughout the United Kingdom for a gross purchase price, including fees, of £230.5 million ($350.16 million). It is net leased to U.K. automotive retailer Pendragon Plc.
The 1.6 million-square-foot portfolio represents almost one-third of Pendragon’s U.K. dealership footprint. The triple-net lease portfolio has a weighted average lease term of 15 years and includes annual inflation-based rent escalation.
Pendragon sells a range of new and used vehicles through its retail outlets, including light motor vehicles, luxury vehicles, commercial vans and trucks, and provides after-sales services. Pendragon’s portfolio of 26 brands includes the majority of the United Kingdom’s 20 bestselling car models, as well as a diverse range of automotive brands including Kia, Ford, Range Rover, BMW, Mercedes, Aston Martin and Ferrari.
In a separate deal, W. P. Carey