26.07.2011Colliers International has completed the sale of five packages of Pendragon car showrooms for over £100 million. Acting on behalf of PPH1, the property holding venture of Pendragon, the UK’s leading automotive retail network, Colliers International has sold a total of 35 properties to different purchasers across the UK. Adrian Clery provided the principal lead at Colliers International, in liaison with Kieran Cotter of Morgan Williams. Buyers were primarily institutional and included OLIM, represented by Kitchen La Frenais Morgan; an Israeli private investor represented by Savoy Stewart; Hermes represented by Tudor Toone; a new Schroders fund represented by Strutt and Parker; and ING (Dorset County Council Pension Fund) represented by Hoddell Stotesbury Morgan. All of the properties in question are leased to Pendragon for unexpired terms between 15-20 years, with annual increases of either 2.25% or the lower of RPI or 2.77%. The properties sold at the asking price of 7%. Adrian Clery, Director, National Investment at Colliers International said: “This is a significant portfolio sale for the automotive sector and demonstrates the institutional appetite for well-let property and the resilience of the automotive investment market. The instruction was complex but by working closely with the client and a range of purchasers and advisers over six months, our team ensured that all the sales were completed on time and to target”.