GE Real Estate and Paradigm Real Estate Managers have completed to purchase 148 Kwik-Fit centres for £103.7m.
The joint venture announced the deal today. The portfolio of properties throughout the UK was bought in a sale and leaseback deal which sees the car fitting operation taking new 25 year leases with fixed uplifts after five and ten years. The deal reflected a yield of 5.3%.
GE Real Estate has also entered into a development agreement with Kwik-Fit which will see a number of the sites redeveloped.
Mike Rowan, managing director of GE Real Estate UK said: ‘This transaction which not only enables us to work with our new client, Kwik-Fit to fulfill its property requirements but also will enable us to create value from the portfolio together, over time. Furthermore, this deal dramatically extends our regional presence throughout the UK.’
Paradigm Real Estate Managers acts on behalf of private individuals and clients of Montagu Evans.