Car dealership giant Lookers has secured a £28m boost after completing the sale and lease back of a site in Battersea, London.
The Greater Manchester-headquartered group has agreed the deal with Urban Logistics, which is also listed on the London Stock Exchange.
Lookers has a 20-year lease for the property at an initial rent of £1.25m per annum.
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The property comprises 95,000 sq ft and had a net book value of £10.3m as at December 31, 2021.
Lookers said the proceeds will be used to invest in the group's "strategic priorities and will further strengthen" its balance sheet.
Chief executive Mark Raban said: "We're pleased to have agreed the selective sale and leaseback of our Battersea property.
"The transaction demonstrates the value of the group's property portfolio, underpinning our strong balance sheet.
"The proceeds give us additional flexibility to fulfil our aspiration to become the UK's leading integrated automotive retail and services group."
