Pendragon, Britain’s biggest car dealer has agreed a £400m sale and leaseback with AAIM, the celebrity property fund backed by Manchester United manager Sir Alex Ferguson. Sunday Times

Pendragon operates 390 dealerships, including the upmarket Stratstone chain that specialises in luxury brands such as Jaguar, BMW and Maserati.

It will form a joint venture with AAIM on 115 assets, including a large tranche of its car dealerships, vehicle-repair depots and the head office, near Nottingham.

Pendragon will rent the properties on leases ranging from 18 to 25 years.

It is likely to net more than £300m in cash from the sale, which could be used to cut group debt.