W.P.Carey Closes $355 Mln Purchase Of 73-Property Pendragon Auto Dealership

(RTTNews) - W. P. Carey Inc. (WPC), a real estate investment trust or REIT specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net lease properties, reported acquiring a portfolio of 73 automotive retail facilities located throughout the UK, net leased to Pendragon plc (PDG.L) for a gross purchase price, including fees, of $355 million, or 230.5 million pounds.

Pendragon is an automotive retailer in the UK with 225 franchise locations country-wide.

The 73-property, around 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.