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Eagers Automotive: Purchases Sydney site for $76.25M

November 5, 2020

Eagers Automotive (APE) has entered an agreement to purchase a Sydney site for just over $76 million from Charter Hall
The site is located in Castle Hill and covers 43,000 square metres
Eagers will transform the site so it can accommodate up to eight brands plus the relocation of the Sydney- based EasyAuto123 and Carlins operations
The purchase will transition the company from leasing to owning a site and will deliver a $15 million benefit over the existing lease term
Additionally, the relocation of EasyAuto123 and Carlins will deliver a further benefit and will remove $2 million every year in external rent
On the market this afternoon, Eagers is down 0.77 per cent and is trading for $11.53 per share