Ashtenne Holdings plc has purchased three properties extending to a total of 575,000 sq ft (53,164 sq m) for £8.75m (€13.12m) from Collins & Aikman, an American owned global tier one motor industry provider. The portfolio has been leased back in its entirety to Collins & Aikman at an initial annual rent of £1.09m (€1.64m). The transaction is in cash, satisfied from existing resources.
The properties, which are located in Spain, Holland and Belgium, have been leased back to Collins & Aikman on similar leases in each country on 15 year terms.
Morgan Jones, joint Chief Executive of Ashtenne, said: “This is our third venture into Europe, where we have been able to work with a corporate occupier to produce flexible and relevant solutions to meet their real estate requirements. We are keen to continue this work throughout Europe and in the UK. We have been able to meet the challenge of this particularly complex transaction and respond to the tight time scale demanded enabling us to agree advantageous terms.'
Corporate real estate advisors CBRE and lawyers Lovells represented Collins & Aikman. Ashtenne’s real estate advisors were King Sturge and lawyers were Ashurst.