A consortium headed by Israeli investor Igal Ahouvi has acquired a porfolio of 85 Volkswagen car showrooms across the UK from Royal Bank of Scotland (RBS) for about £300m.
The deal comes a year after Ahouvi led the consortium that bought 100 NCP car parks from RBS for £609m.
German car giant Volkswagen sold the showroom portfolio to Royal Bank of Scotland Structured Finance for £280m in May and leased them all back for 25 years.
They produce a current total annual rent of £18.7m.
Ahouvi said: “I would be very keen to undertake at least three more major corporate sale and leaseback deals over the course of the next 12 months… I believe that we are not only competitive on price but can also assist corporates in securing the maximum potential from their property portfolio.”
Barrs Freer-Smith advised the consortium. Gerald Eve advised RBS.
References: EGi News 07/01/05
