Nick Politis, Rich Lister and chairman of the Sydney Roosters, has purchased two Porsche dealerships in Melbourne for nearly $50 million, calling them "great assets and great tenants." The properties, located in Brighton and Doncaster, were sold at a yield of around 5 percent.
Penske Australia, a subsidiary of the Fortune 500 company Penske Automotive Group, has secured new 12-year leases on both sites. Penske acquired the Porsche dealerships from the Auswild family’s Preston Motor Group in April, along with a Ducati motorcycle dealership that has since been sold.
Politis, who owns over 28 percent of ASX-listed Eagers Automotive and has a net worth of $2.36 billion according to the 2024 Financial Review Rich List, stated that he is not currently seeking additional car dealership acquisitions.
The Porsche Centre Brighton, located on the Nepean Highway in Melbourne’s “Golden Mile of Cars,” and the Porsche Centre Doncaster were both sold by PM Group after the sale of the associated dealership businesses to Penske. PM Group Chairman James Bergmuller described the properties as exceptional but noted that they were no longer core assets following the divestment of the dealerships.
This acquisition follows Politis' $245 million sale of several Victorian car dealerships to Eagers Automotive last year. The recent Porsche dealership sales were managed by JLL and Advise Transact, with agents noting strong interest in prime assets despite challenges in the commercial property market.
(Source: Financial Review)
Stay updated with the latest news from Greece and around the world on greekcitytimes.com.
Contact our newsroom to share your updates, stories, photos, or videos. Follow GCT on Google News and Apple News.
