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Car dealerships to be managed by Glasgow team
Glasgow, 1 October 2013 - Three Scottish motor dealerships – and a further six throughout the UK – will now be managed by Jones Lang LaSalle after the firm was appointed by Legal & General Property.
Jones Lang LaSalle’s Property and Asset Management team will take care of the portfolio, bought by Legal & General Property from Hermes Real Estate Investment Management Limited for £40 million, representing a net initial yield of 6.33 per cent.
The nine showrooms are let to Pendragon Plc, Britain’s biggest franchised motor dealer group by both turnover and volume.
The Scots showrooms include Mercedes Benz premises in Giffnock, East Renfrewshire, and Ayr, and a Vauxhall site in Edinburgh.
Ann Burns, associate director at Jones Lang LaSalle, Glasgow, said: “This appointment continues to demonstrate our strong relationship with Legal & General, with whom we work both locally and nationally.
“Our role with the Pendragon Plc portfolio, as always, will be to maximise value from proactive management.
“We are already identifying areas of potential improvement, including further work to develop the energy efficiency profiles of these businesses.”
The Pendragon Portfolio benefits from an average unexpired lease term of over 15.5 years. Its two main brands are Stratstone, which focuses on luxury cars and motorcycles, including Ferrari, Honda, Land Rover, Maserati, Mercedes-Benz and MINI, and Evans Halshaw, which is the largest volume car retailer in the UK, and includes brands such as Vauxhall, Ford, Nissan and Renault.
Sites across the UK include Bedford and Leeds as well as Glasgow and Edinburgh.
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Cathrine Harrison - PR
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