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.
An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
Chilli pepper - 17/06/2013 23:20
Is young Henry going on a buying spree???