LaSalle Investment Management has bought 141 Speedy car service centres across France in a €61.6m (£42m) sale and leaseback
The deal is guaranteed through Kwik-Fit, parent group to Speedy, the French tyre and exhaust market leader. The centres, which total around 544,660 sq ft (50,600 sq m), are leased on 10-year terms.They will be held in its €1.3bn (£880m) LaSalle French Fund II, which is targeting emerging-sector income.
Andy Watson, LaSalle’s head of southern European acquisitions, said: ‘With this acquisition, LaSalle has become one of the major landlords in the growing French automotive property sector.’
Colliers, Depardieu and Cheuvreux advised Lasalle; Savills and Orrick acted for Kwik-Fit.
ABN Amro provided banking finance for LaSalle.