Palmer Capital Partners, the venture capital property group, has agreed to sell a portfolio of 85 petrol stations let to Somerfield for £175m – £25m below the original target price. PCP, which has spent £50m expanding the portfolio from 65,000 sq ft to 110,000 sq ft, has made a profit on the initial £70m it paid. However, the deal reflects a climate where many property sellers are cutting their pricing amid a rapid cool-off in the market – which began even before the crisis in financial markets. Montagu Private Equity has just taken a £317m portfolio of 17 freehold sites occupied by British Car Auction, the car auctioneer, off the market. Robert Tchenguiz, the entrepreneur, gave up on the sale of a £375m portfolio of Welcome Break service stations last month. read more
[Tags]portfolio, , capital, market, price, property, car auction news[/Tags]
