Publications

Transactions - JANUARY 28, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

W. P. Carey buys 73-property portfolio for £230m

by Andrea Waitrovich

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy