Jardine Motors Group has acquired Colliers Motor Group.
The acquisition includes the ownership of Colliers Group’s Land Rover, Honda and Mazda dealerships located in Erdington as well as its Jaguar Tamworth site.
The purchase, Jardine said, was driven by Land Rover's "drive for a common ownership model". It sees the group increase its Land Rover portfolio to five and a further six Jaguar operations in the UK. Also, it Honda representation to four.
Neil Williamson, Jardine Motors Group chief executive, said: “This is a great acquisition as we combine Colliers Group’s family business values with our cutting edge retail experience. This new business will help drive forward our ambitious growth plans for 2016. We look forward to welcoming our new colleagues from Colliers Group into the Jardine family.”
With works started on a multi-million pound development for Land Rover in Wolverhampton, the group is on a major recruitment drive and in the Midlands is creating more than 70 new jobs across all levels and departments.
In two separate and simultaneous deals Jardine bought Colliers and also did a sale and leaseback deal on Colliers' key three franchised outlets in Birmingham for around £17 million.
Knight Frank Investment Management bought the sites in Tyburn Road.
The deal includes three purpose-built facilities for Land Rover, Mazda and Honda in Birmingham, and are let to Lancaster on new 20-year leases.
It is the first new generation Land Rover facility to be traded in the investment market.
Adam Chapman, head of automotive at Knight Frank, said: “Opportunities of this quality are rare. The transaction demonstrates the continued strong demand from institutional investors for prime automotive stock, and also an emerging trend that the very best assets are increasingly being traded in ‘off market’ transactions.
"We had to act quickly and efficiently to complete this transaction. In addition to the very high quality of the underlying real estate, the opportunity to influence the lease terms to match the fund strategy has provided the opportunity to enhance future income performance.”