Pendragon plans $500 mln property sale and leaseback


LONDON, Nov 28 (Reuters) - Pendragon Plc , Britain's biggest car dealer, said on Tuesday it planned to sell and lease back its 81 properties to a joint venture to reduce existing debt levels. The proceeds from the sale to the venture owned by Pendragon and NWPIL, a subsidiary of Royal Bank of Scotland, were expected at 257.8 million pounds ($499.5 million), the company said in a statement. Each property will be leased back to the group on a 25-year lease for an aggregate initial annual ...

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