Secure Income REIT PLC Announcement Following Press Speculation (9952D)
04 February 2015 - 6:51PM
UK Regulatory
TIDMSIR
RNS Number : 9952D
Secure Income REIT PLC
04 February 2015
Secure Income REIT Plc
(the 'Company')
ANNOUNCEMENT FOLLOWING PRESS SPECULATION REGARDING THE POSSIBLE
SALE OF THE MADAME TUSSAUDS FREEHOLD INVESTMENT
4 February 2015: The Board of Secure Income REIT (AIM: SIR) has
noted the media comment regarding the possible sale of the Madame
Tussauds property investment and confirms that following
unsolicited expressions of interest it has appointed CBRE to
undertake a marketing campaign ahead of the potential sale of this
iconic freehold property on Marylebone Road in Central London.
The property is let on a full repairing and insuring lease to
Merlin Attractions Operations Ltd, the owner and operator of Madame
Tussauds, guaranteed by Merlin Entertainments PLC, the world's
second biggest visitor attraction business with a market
capitalization of circa GBP4 billion. The lease runs for a minimum
of a further 27 years with the option for the tenant to extend by
up to a further 70 years upon expiry, bringing the potential
tenancy length to almost 100 years from today. The current rent
payable on the property is GBP15.5 million per annum and the lease
provides for uncapped, upward only annual rent reviews throughout
the term geared to RPI.
Madame Tussauds has occupied the current site for more than 130
years and has consistently been one of London's most successful
tourist attractions. This is the first time ever that this property
investment has been offered for sale individually in the open
market.
There can be no certainty that any sale will occur or as to the
nature or terms of any such transaction.
The Company's strategy remains firmly to invest in and hold for
the long term high quality assets which generate very long term
income from exceptional tenants
Enquiries:
Secure Income REIT Plc +44 20 7647 7647
Nick Leslau / Mike Brown
Oriel Securities Limited (Nominated Adviser) +44 20 7710 7720
David Arch
Tom Yeadon
CBRE
Franco Sidoli 020 7182 2121
Lorna Walker 020 7182 2639
FTI Consulting +44 20 3727 1000
Richard Sunderland
About Secure Income REIT
Secure Income REIT floated as a Real Estate Investment Trust on
the AIM segment of the London Stock Exchange in June 2014. Upon
Admission, the Company had a share price of 174p, representing a
market capitalisation of GBP293 million, which has subsequently
grown to 297.5p, valuing the Company at just under GBP500
million.
The Company specialises in generating long term, inflation
protected, secure income from real estate investments. Its
investment strategy is designed to satisfy investors' growing
requirements for high quality, safe, inflation protected income
flows.
At its interim results to 30 June 2014 the Company reported
gross assets of GBP1.47 billion and, with a weighted average
unexpired lease term of 27 years across its portfolio, all with
fixed or RPI rental uplifts, has one of the longest income profiles
in quoted property sector.
The Company's Board is chaired by Martin Moore and also
comprises three further independent Directors in Leslie Ferrar,
Jonathan Lane and Ian Marcus, as well as three members of the
Prestbury Team in Nick Leslau, Mike Brown and Sandy Gumm.
The Company is externally managed by Prestbury Investments LLP
which was external manager to MAX Property Group plc until August
2014, when was sold to Blackstone Group.
Prestbury and Sir Tom Hunter are majority shareholders in Secure
Income REIT with 26% each.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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