Auto Industry
Industry: Email Alert RSS FeedCAPITAL AUTOMOTIVE REIT GOBBLES MAIN RIVAL.(MMR Holdings LLC)(Brief Article)
Automotive News, July, 1999 by Harris, Donna
Capital Automotive REIT, a publicly held real estate investment trust based in McLean, Va., is acquiring its prime competitor, leaving just one REIT in the market for dealership properties.
Capital Automotive has agreed to purchase MMR Holdings LLC for $206 million.
The deal will add 58 automotive properties to the fold, giving Capital Automotive 200 dealerships with 290 franchises in 23 states.
``After the transaction, 67 percent of our rent volume will come from the top 100 (U.S.) dealers,'' said Thomas Eckert, CEO of Capital Automotive.
Business owners sell their property to a REIT in exchange for cash or shares in the REIT.
The REIT leases the property back to the business owners, who continue to run the...
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