NEW YORK, Jan. 28, 2015 /PRNewswire/ -- W. P. Carey
Inc. (NYSE: WPC), a real estate investment trust (REIT)
specializing in corporate sale-leaseback financing, build-to-suit
construction financing and the acquisition of single-tenant net
lease properties, announced today that it has acquired a portfolio
of 73 automotive retail facilities located throughout the UK, net
leased to Pendragon plc for a gross purchase price, including fees,
of $355 million
(£230.5 million).
Key Facts
- Market-leading company: 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.
- Strategically important, geographically diverse
portfolio: The 73-property, approximately 1.6 million square
foot portfolio represents almost one-third of Pendragon's UK
dealership footprint and is widely spread across the UK in key
locations, providing a nationwide offering of franchisees.
- Long-term triple-net leases with built-in rental growth:
The triple-net lease portfolio has a weighted average lease term of
15 years and includes annual inflation-based rent escalation.
Management Commentary
Jennifer Lucas, Executive
Director of W. P. Carey,
commented:
"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."
Trevor Finn, Chief Executive,
Pendragon, added:
"It is reassuring to have, in W. P.
Carey, a long-term investor for a portfolio of our
dealerships in the UK and we look forward to working together with
them."
W. P. Carey Inc.
Please visit www.wpcarey.mediaroom.com for more information
about W. P. Carey, to access our
image and video libraries and to follow us on social media.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. The statements of
Ms. Lucas are examples of forward-looking statements. A
number of factors could cause W. P.
Carey's actual results, performance or achievement to differ
materially from those anticipated. Among those risks, trends
and uncertainties are the general economic climate; the supply of
and demand for office and industrial properties; interest rate
levels; the availability of financing; and other risks associated
with the acquisition and ownership of properties, including risks
that the tenants will not pay rent, or that costs may be greater
than anticipated. For further information on factors that
could impact W. P. Carey, reference
is made to its filings with the Securities and Exchange
Commission.
Media Contact:
Guy
Lawrence
+ 1 212-308-3333
gblawrence@rosslawpr.com
Company Contact:
Kristina
McMenamin
+ 1 212-492-8995
kmcmenamin@wpcarey.com
Institutional Investors:
Peter Sands
W. P. Carey Inc.
212-492-1110
institutionalir@wpcarey.com
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SOURCE W. P. Carey Inc.