LaSalle Investment Management have acquired a portfolio of five Volkswagen-let dealerships from DVS Property Ltd.
The portfolio comprises five modern dealerships, three of which are Audi outlets in Chester, Hereford and Stoke, one Volkswagen dealership in Hereford and a Skoda franchise in Cramlington.
All the properties are let to the VW Group for 20 years with five yearly RPI linked uplifts to RPI at a minimum of 2.4% per annum and capped at 3.0% per annum.
The purchase reflected a net initial yield of circa 5.3%.
DVS Property Ltd were represented by Strutt & Parker and the purchasers were advised by the Automotive Property Consultancy and Wilkinson Williams.
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