Auto Industry News - December 4, 2006
Pendragon plc, the UK’s largest car dealer group, is expected to become acquisitive again after announcing it expects to raise around £240m to reduce gearing and release cash for expansion from a new sale and leaseback scheme involving selling 81 of its properties to PPH1, a joint venture company owned by Pendragon Group and NWPIL – a Royal Bank of Scotland subsidiary.
Consideration for the sale will be £257.8m, realising net cash proceeds of £238.9m. Each property will be leased back to the group for 25 years for an initial aggregate yearly rent of £16.3m (i.e. 6.3% cap rate).
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Wednesday, December 06, 2006
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