We are delighted to announce the acquisition of the BMW Sytner dealership in Nottingham with Fiera Real Estate (“FRE UK”) and finance provided by The Bank of London and The Middle East (‘BLME’).
The dealership is let to Sytner Ltd, on a FRI lease with 16.4 years unexpired and RPI linked rental uplifts. The asset was acquired for just over £9 million, reflecting a net initial yield of 6.1%.
This is the third asset we have acquired for the GCC UK Property Trust, an open-ended real estate fund run in partnership between FRE UK and Darin Partners.
The GCC UK Property Trust was created to give clients indirect access to UK commercial real estate with diverse geographic footprint, and long, strong progressive income providing attractive dividends of approximately 7% per annum.
