LONDON—W.P. Carey Inc. has acquired a portfolio of 73 automotive retail facilities located throughout the UK, net leased to Pendragon plc for $355 million (£230.5 million).
Pendragon is the largest automotive retailer in the UK with 225 franchise locations spread across the country. The group sells a range of new and used vehicles through its retail outlets, including light motor vehicles, luxury vehicles, commercial vans and trucks, and provides after sales services. Pendragon's portfolio of 26 brands includes the majority of the UK's 20 bestselling car models, as well as a diverse range of automotive brands like Kia, Ford, Range Rover, BMW, Mercedes, Aston Martin and Ferrari.
"We are delighted to have completed this transaction—our largest in the UK to date—with a landmark tenant in an exciting growing sector,” said Jennifer Lucas, executive director of W. P. Carey. “Given the long lease terms and the diversity of the properties acquired, we believe the Pendragon auto dealership portfolio is a strong addition to the W. P. Carey Inc. portfolio."
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
