W.P. Carey acquired a portfolio of 73 automotive retail facilities net leased to Pendragon for GBP 230.5m. The 1.6 million sq ft portfolio represents almost one-third of Pendragon’s UK dealership footprint and is spread across the UK, providing a nationwide offering of franchisees. The triple-net lease portfolio has a weighted average lease term of 15 years and includes annual inflation-based rent escalation. Pendragon is the largest automotive retailer in the UK with 225 franchise locations. The group sells a range of new and used vehicles through its retail outlets.
