Shepherd and Wedderburn closes the deal for OLIM Ltd

2nd March 2011

Shepherd and Wedderburn closes the deal for OLIM Ltd

Law firm Shepherd and Wedderburn, acting for OLIM Limited, has completed acquisitions of five purpose-built car showrooms on behalf of its discretionary fund management clients totalling £13.6 million at a net initial yield of 7%. 

The properties are let to Pendragon plc on F.R.I. leases with 16 years unexpired, with annual rent reviews in line with the Retail Price Index capped at 2.77%.

The properties, in Ayr, Cupar, Giffnock (Glasgow), Newport Pagnell and Solihull are freehold or heritable and trade as Mercedes-Benz or Land Rover.

Kitchen La Frenais Morgan and Shepherd and Wedderburn LLP acted on behalf of the purchasers and Colliers International, Geldards and Biggart Baillie for the vendor.

Author:
Elaine Colville