Europe Real Estate - March 22, 2007
LaSalle Investment Management has announced the purchase of 141 Speedy car service centers across France for a total of €61.6 million. The acquisition was made on behalf of LaSalle French Fund II, a €1.3-billion fund targeting emerging sector income, which is seeking further acquisitions providing rental income in the French automotive business.
The leaseback deal is guaranteed through Kwik-Fit, parent group to Speedy, the French tyre and exhaust market leader. The deal involves a 10-year lease and comprises approximately 50,600 m² across the 141 service centers. A first tranche of 110 centers was closed yesterday, with the remainder of the centers scheduled to close by July 2007.
Lasalle was advised by Colliers, Depardieu and Cheuvreux. Kwik-Fit was represented by Savills and Orrick. ABN AMRO provided banking finance for LaSalle.
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