LaSalle Investment Management has purchased 141 Speedy car service centres situated throughout France in a EUR61.6 million deal.
LaSalle Investment Management has purchased 141 Speedy car service centres situated throughout France in a EUR61.6 million deal. The acquisition was made on behalf of LaSalle French Fund II, a EUR1.3 billion fund targeting emerging sector income, which is seeking further acquisitions providing rental income in the French automotive business.
The 10-year leaseback deal is guaranteed through Kwik-Fit, parent group to Speedy, the French tyre and exhaust market leader, and comprises approximately 50,600 square meters of premises across the 141 service centres. A first tranche of 110 centres was closed today, with the remainder of the centres scheduled to close by July 2007.
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.’
Lasalle was advised by Colliers, Depardieu and Cheuvreux. Kwik-Fit was represented by Savills and Orrick. ABN AMRO provided banking finance for LaSalle.
