BCA’s 121-acre car storage and preparation facility in Corby has been sold in a deal worth £68 million.
Listed commercial property investment specialist LXi REIT will dispose of the site, which is fully let to BCA Group Europe, in a deal which is expected to be completed on November 30.
A statement published via the London Stock Exchange (LSE) said that the purchaser of the sprawling site was an “undisclosed UK pension fund”.
LXi REIT acquired the Corby site for £60m in 2018.
The LSE statement said that the agreed sale price represented an 11% premium to latest book value of £61m as at March 31 and generates geared 14% per annum internal rate of return.
It added: “The sale follows the company’s proactive re-gear of the BCA lease in July 2020 – which increased the remaining term from 16 years to 25 years, at no cost to the company – and reflects the company’s view that the asset’s value has been maximised.”
BCA’s operations at the Corby facility include the preparation of cars to be listed for sale by online used car retailer, Cazoo.
Last month BCA was accused of “opening Pandora’s Box” by shifting its cinch marketing platform to compete directly with its car retail customers – including Cazoo – for online sales.
The cinch platform offers direct-to-consumer car sales with home delivery and a 14-day money back guarantee.