Wednesday, November 29, 2006
Pendragon raises cash through leaseback deal
The UK’s largest dealer group, Pendragon has proposed the sale and leaseback of 81 of its properties to PPH1, a joint venture company owned by Pendragon Group and NWPIL – a subsidiary of the Royal Bank of Scotland.
Consideration for the sale will be £257.8m, realising net cash proceeds of £238.9m. Each property will be leased back to the group for 25 years for an initial aggregate yearly rent of £16.3m.
Pendragon chief executive Trevor Finn said the transaction would reduce gearing following the group’s £500m acquisition of Reg Vardy.
DATED: 29.11.06
FEED: MT
Consideration for the sale will be £257.8m, realising net cash proceeds of £238.9m. Each property will be leased back to the group for 25 years for an initial aggregate yearly rent of £16.3m.
Pendragon chief executive Trevor Finn said the transaction would reduce gearing following the group’s £500m acquisition of Reg Vardy.
DATED: 29.11.06
FEED: MT
