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.