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Redefine sells BMW showroom for £26m

31 August 2017 07:57

Redefine International has sold the Sytner BMW showroom in High Wycombe for £26.1 million to a UK pension fund.

The sale price reflects a net initial yield of 5.0% and a premium of 5.8% to the 28 February 2017 book value.

The property was acquired in March 2016 as part of the AUK transaction.

Mike Watters, CEO of Redefine International, said: "This disposal is a further example of the quality of the assets in the AUK transaction, which has provided a number of opportunities to extract value over the last 18 months in line with our strategy. Together with the other recent sales, the transaction provides the opportunity to recycle capital into new investments, where we can use our asset management skills to deliver stronger income returns over the long term."

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