Real estate investment trust company W. P. Carey has acquired a 73 automotive retail facilities located throughout the UK, net leased to Pendragon for $355m.
In total the 73 properties measures around 1.6 million square foot, which is almost one-third of Pendragon's UK dealership footprint.
Pendragon has a total of 225 franchise locations spread across UK which is mostly used for selling a new and used vehicles including light motor vehicles, luxury vehicles, commercial vans and trucks, and provides after sales services.
Pendragon's portfolio of includes brands like Ford, Range Rover, BMW, Mercedes, and Aston Martin.
W. P. Carey Executive Director Jennifer Lucas 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 dealership portfolio is a strong addition to the W. P. Carey Inc. portfolio."
