Joint venture closes £104m property deal - commercial mortgages

26 March 2007

A joint venture between Paradigm Real Estate Managers and General Electric Real Estate has agreed to buy a number buildings currently held by Kwik-Fit in a deal worth £103.7 million.

The multi-million pound deal will see 148 properties across the UK come under the ownership of the joint venture, which has outlined plans to redevelop some of the sites.

It has been reported that the sale will also lead to the relocation of some Kwik-Fit operations.

Looking ahead, it is hoped that the new portfolio of properties will attract tenants throughout the UK, entering into commercial mortgages agreements to secure occupancy. Bosses are confident in the future success of the portfolio.

"This is a highly innovative transaction which not only enables us to work with our new client, Kwik-Fit, to fulfil its property requirements, but also will enable us to create value from the portfolio together, over time," commented GE Real Estate managing director Mike Rowan.