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US firm WP Carey buys 73 leased Pendragon sites

A US property investment trust, WP Carey, has bought a portfolio of 73 of AM100-leading car dealer group Pendragon’s leased retail properties.

The price, including fees, was £230.5 million.

The property, totalling around 1.6 million square feet, is operated on a lease by Pendragon for an average of 15 years and includes inflation-based rent increases.

Jennifer Lucas, executive director of WP Carey, said this was her company’s largest UK deal to-date and it was with “a landmark tenant in an exciting, growing sector”.

“Given the long lease terms and the diversity of the properties acquired, we believe the Pendragon auto dealership portfolio is a strong addition to ours."

Trevor Finn (pictured), Pendragon chief executive, said: "It is reassuring to have, in WP Carey, a long-term investor for a portfolio of our dealerships in the UK and we look forward to working together with them."

The seller was a joint venture between several investors, in which Pendragon had a 5% investment.

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