Savills Web Site - November 10, 2006
Savills has been instructed by Kwik Fit Holdings Limited to dispose of a pan-European portfolio of roadside properties, by way of a sale and leaseback, for an asking price in excess of €203.5million.
The portfolio comprises 311 properties based in UK, Holland and France with an overall rent roll of €13.368million per annum, rising to €17,933million in year 10. The portfolio offers development opportunities on a number of the units. In the United Kingdom there are 148 properties with a rent roll of €8.662 million per annum. The properties will be let on a 25-year lease with five year upward only rent reviews to Kwik Fit GB Limited, and a guarantee from Kwik Fit Holdings Limited. The rental increase for the first 10 years will be a minimum of 3% per annum payable every fifth year.
In France there are 149 properties with a net rent roll of €4.061 million per annum. The properties will be let to Speedy France SAS with a guarantee from Kwik-Fit Europe BV for a term of 10 years with annual increases linked to INSEE. In Holland there are 14 properties with a rent roll of €0.643 million per annum. The properties will be let to Kwik Fit Nederland BV with a guarantee from Kwik-Fit Europe BV for a term of 15 years with ROZ/IPD increases applied annually.
Simon Hope, Savills' head of investment, says: "This is the culmination of a corporate review we have undertaken for Kwik Fit over the summer. In eight weeks we have inspected, measured and priced 370 properties across four countries through our European network."
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Sunday, November 12, 2006
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