Pendragon has announced that it has agreed sell its Jaguar and Land Rover dealership located in Santa Monica, California to Redwood Automotive LLC.
The sale is is expected to fetch approximately £11.8m, subject to completion adjustments.
As at 31 December 2019, the gross assets that are the subject of the Transaction amounted to £36.7 million and the profit prior to central costs amounted to £858k. The proceeds of the Transaction will be used for general corporate purposes. Completion of the Transaction is subject to a number of conditions, including, inter alia, the purchaser obtaining OEM approval.
In February Pendragon announced the sale of its Chevrolet dealership in Puente Hills, California, to JBR Automotive Inc.
The dealership was originally to be sold to Scott Biehl, an operator of a privately owned dealership group, for around £17.2m, as announced in August 2019.
The new sale price was £16.5m, and the transaction was completed on 10 February 2020.
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