FinTechFunding

Eagers Automotive: Purchases Sydney site for $76.25M

  • 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
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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