US investor WP Carey has acquired 73 UK car dealerships, leased to Pendragon, for a gross purchase price, including fees, of £230.5m.
The 1.6m sq ft portfolio represents almost one-third of Pendragon’s UK dealership footprint and is spread across the UK.
The triple net lease portfolio has a weighted average lease term of 15 years and includes annual inflation-based rent escalation.
Jennifer Lucas, executive director of WP Carey, said: “We are delighted to have completed this transaction – our largest in the UK to date – 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 dealerships are a strong addition to our portfolio.”
Pendragon chief executive Trevor Finn added: “It is reassuring to have a long-term investor for a portfolio of our dealerships in the UK and we look forward to working together with them.”
