McLEAN, Va. -- Clients of DRA Advisors LLC, a New York investment advisory firm, are buying Capital Automotive REIT, a provider of vehicle financing. DRA's key clients are pension and university endowment funds.
The deal is valued at about $3.4 billion. It is expected to close late this year or in early 2006.
Capital Automotive REIT, of McLean, Va., buys dealerships' real estate and leases those properties back to dealers.