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Asbury Automotive buys leased properties

By Associated Press
June 4, 2008 | Comments (0)

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Auto retailer Asbury Automotive Group Inc. on Wednesday said it acquired 32 real estate properties it previously leased for $200 million.

Asbury's subsidiaries closed on the properties in states in the South and West previously owned by AutoStar Realty Operating Partnership LP.

Asbury currently operates retail dealerships, service centers or related facilities on the locations.

About 75 percent of the purchase price was financed through mortgage borrowings and the rest from internal resources, New York-based Asbury said.

Ownership allows the company more flexibility in terms of ownership and relocations, Asbury said.

Shares fell 5 cents to $16.25 during aftermarket electronic trading.

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