Saturday, March 24, 2007

Kwik-Fit Completes €61.6 Million Sale leaseback of 141 Speedy Car Service Centers Across France

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. Sphere: Related Content

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