Fiera Real Estate (FRE UK), Darin Partners and Bank of London and The Middle East (BLME) have announced the acquisition of a BMW flagship dealership in Nottingham for over £9 million.
The BMW dealership is fully let to Sytner Ltd on a FRI lease with 16.4 years unexpired. The property comprises a 2.5-acre site encompassing a 41,879 sq ft car dealership, together with 343 car parking spaces. The building, constructed in 2003, and refurbished more recently, consists of high specification showroom, office and dealership space.
The asset is located on Lenton Lane and was acquired through the GCC UK Property Trust, an open-ended real estate Fund run in partnership between FRE UK and Darin Partners. BLME provided senior debt for the transaction.
Hodell Stotesbury Morgan acted for the vendor and Knight Frank acted for the purchaser.
Rupert Sheldon, Head of CORE REIM at FRE UK, said: “The acquisition of this property aligns well with the investment parameters of GCC UK Property Unit Trust: a modern building, in a major commercial centre, with 16+ years of inflation-linked secure income.
“The attractive acquisition basis provides scope for upside as the UK economy normalises and low interest rates continue to put downward pressure on long-income yields. We remain acquisitive across our core mandates, with capital available to deploy into properties that share similar characteristics.”
David Bell, CEO of Darin Partners, said: “Together with FRE UK, we created the GCC UK Property Unit Trust for our clients to give them access to UK commercial real estate with a diverse geographic footprint and long, strong and progressive income. The acquisition of the flagship BMW dealership in Nottingham complements the existing portfolio as the Fund continues to grow.”