An institutional investor has supported a dealer group in a sale and leaseback of its properties.
The £17.4m deal has seen the Charities Property Fund, managed by Cordea Savills, acquire a portfolio of car showrooms from Rybrook, including properties in Harrogate, Chester, Worcester and Solihull.
The various dealerships sell premium brands including McLaren, Rolls Royce, Jaguar, Volvo, BMW, Mini and Mercedes-Benz.
CPF said the premises are all let on "very long" leases with annual fixed rental increases and options to extend for a further 20 years. The acquisition price reflects a 7.2% yield after the costs of acquisition.
The deals helped the fund to pass the £500m milestone and it is now fully invested with £510m under management.
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
Chilli pepper - 17/06/2013 23:20
Is young Henry going on a buying spree???