LaSalle Investment Management has announced the purchase of 141 Speedy car service centers across France for a total of €61.6 million. The acquisition was made on behalf of LaSalle French Fund II, a €1.3-billion fund targeting emerging sector income, which is seeking further acquisitions providing rental income in the French automotive business.
The leaseback deal is guaranteed through Kwik-Fit, parent group to Speedy, the French tyre and exhaust market leader. The deal involves a 10-year lease and comprises approximately 50,600 m² across the 141 service centers. A first tranche of 110 centers was closed yesterday, with the remainder of the centers scheduled to close by July 2007.
Andy Watson, LaSalle's Head of Southern European Acquisitions, said: "With this acquisition, LaSalle has become one of the major landlords in the growing French automotive property sector."
Lasalle was advised by Colliers, Depardieu and Cheuvreux. Kwik-Fit was represented by Savills and Orrick. ABN AMRO provided banking finance for LaSalle.