Brightbay Real Estate Partners has sold a portfolio of 25 Kwik Fit properties across the UK to an unnamed buyer for a price in the region of £21m.
The sale price reflected a net initial yield of approximately 5.50%.
Of the 25 properties, 24 are leased to Kwik Fit until December 2040. The weighted average unexpired lease term for the portfolio, which includes sites in Stockport, Hull, Plymouth, Perth, Stafford, Edinburgh, Blackpool, Dunfermline and Inverness, is in excess of 17 years.
CBRE advised Brightbay on the sale. The unnamed buyer was represented by Cushman & Wakefield.
