Pendragon PLC
(“Pendragon or the “Company”)
Sale and Leaseback
by Pendragon of Property at Porsche Centre Stockport
Notification of
Class 2 Transaction
The Company is pleased to announce that, in accordance with its
plan for its motor vehicle dealership in Stockport (the
“Property”), the Company has entered into a sale and
leaseback agreement over the Property with Al Mana Property
International Limited (“Al Mana”), a special purpose vehicle
forming part of the Al Mana Group of Companies, for the purposes of
property investment (the “Transaction”).
Under the terms of the Transaction, Pendragon has received £10.5
million in cash, while retaining the use of the Property under a 15
year lease. The proceeds from the Transaction will be used
for general corporate purposes.
Pendragon Sabre Limited, the Company’s wholly owned subsidiary,
has security of tenure as the tenant, with Pendragon acting as the
lease guarantor under the terms of the Transaction. The Transaction
is in line with the Company’s ambition to focus its resources on
generating returns through its motor businesses whilst ensuring the
Property remains available to Pendragon. The lease carries a market
rent of £665,000 per annum. As at the date of the
Company’s annual results for the year ended 31 December 2019, the Property carried a gross
asset value of £9.8 million.
| Enquiries |
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Henry
Wallers
Jack
Gault |
Headland
Headland |
0203 805 4822
0203 805 4822 |