Michelle Napoliis editor of Net Lease forum, from whichthis article is excerpted.

London—Two kinds of retailers sold properties in the UKvia sale-leasebacks last month. In one transaction, GE RealEstate UK and Paradigm Real Estate Managers Ltd.acquired a portfolio of 148 automotive repair shop properties for103.7 million British pounds or approximately US$203.17 million. Inthe other deal, the British Land Co. and Tesco PLCclosed on the sale-leaseback of 21 properties, with a purchaseprice of 650 million British pounds, or approximately US$1.28billion, marking their fourth property transaction together inabout 10 years

The Kwik-Fit auto repair properties are locatedthroughout the UK, many in town centers, and have been leased backon 25-year terms, with fixed rent increases in years five and 10.The investment has an initial net yield of 5.3%. The leases, GEReal Estate UK managing director Mike Bryant tells NET LEASEforum, are FRI or full repairing and insuring--essentially theUK equivalent of triple net.