Rich Lister and Sydney Roosters chairman Nick Politis has snapped up two Melbourne Porsche dealerships for just under $50 million, describing them as “great assets and great tenants”.
The deal for the Brighton and Doncaster Porsche centres was struck on a yield of about 5 per cent. Penske Australia, a subsidiary of global automotive giant and Fortune 500 company Penske Automotive Group, has already taken out new 12-year leases on the properties.
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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
