Asian investors have actually gotten four Mercedes-Benz dealerships in the West Midlands as part of an asset of 9 sites.
Hong Kong-based Lei Shing Hong, representing the Mercedes marque in China, South Korea and Cambodia and is noted to be its largest worldwide seller and has acquired its first foothold in the UK.
It has purchased sites located in Lawley Middleway and Bromford Lane in Birmingham, Mile Oak in Tamworth and Warwick Road in Solihull.
Together they utilize over 260 staff while the quintet of other sites included in the deal are all in Greater Manchester and have 336 workers.
Whole personnel will transfer to the brand-new company following the concealed deal after the Hong Kong company beat over 20 bidders to secure the portfolio.
The vehicle group at property consultancy Knight Frank carried out pre-acquisition due diligence for Lei Shing Hong and valued the building possessions of the nine Mercedes-Benz Retail dealerships.
Tom Poynton, a partner in the firm’s Birmingham-based nationwide vehicle team, said that it is the very first time Mercedes has gotten rid of any of its UK sites and belongs to a broader pattern we are seeing in the sector, with manufacturers choosing to concentrate on making cars instead of selling them.
Ponyton continued: “We believe this is a landmark transaction in the motor retailing sector and demonstrates global corporations’ confidence in the UK automotive industry.”
