Development Securities PLC £15.5m acquisition of Manchester snow sports venue (1913C)
15 January 2015 - 6:00PM
UK Regulatory
TIDMDSC
RNS Number : 1913C
Development Securities PLC
15 January 2015
15(th) January 2015
Development Securities acquires leading snow-based leisure
attraction in Manchester for GBP15.5 million
Development Securities today announces that it has expanded its
investment portfolio through the GBP15.5 million acquisition of
Extreme Cool Limited (ECL), the Company that owns and operates
Chill Factore, a 167,000 sq. ft. ski slope and activity centre in
Manchester. The acquisition was completed in a joint venture with
Pemberstone Investments Limited (PIL), an existing ECL shareholder,
and was partly financed with a GBP10.5 million debt facility from
ICG-Longbow.
Completed in November 2007, the venue incorporates: a 180m
indoor real snow ski slope, the longest in the UK; a climbing wall;
and 16 retail and restaurant units. Current occupancy rates are
high at 94% by floor area with tenants including Nando's, Snow and
Rock, Evans Cycles and JD Wetherspoons. In total, revenues from the
ski slope and retail units will generate an income to Development
Securities of c.GBP1.5 million per annum.
Located less than 4 miles from Manchester City Centre next to
J10 of the M60 motorway, Chill Factore is the anchor tenant in the
Trafford Quays Leisure Village, a popular mixed-use leisure and
retail destination adjacent to Intu Trafford Centre. The venue
currently attracts between 1.2 million and 1.4 million visitors per
year.
Matthew Weiner, Development Securities PLC, said: "Chill Factore
is a very popular leisure destination in Manchester with a wide
catchment area, a loyal customer base and good brand recognition.
Drawing on our experience and success in managing real estate based
operational businesses such as the Manchester Arena, we are
confident that alongside our joint venture partners, we can improve
footfall, attract additional tenants and drive rental income to
increase the value of this popular venue.
"Over the past year, we have disposed of a number of mature
investment assets and we continue to focus our reinvestment
activities on convenience retail schemes and alternative investment
assets such as these where we can add value through our asset
management and enhancement activities."
Livingstone partners advised the vendors on the transaction.
For further enquiries, please call:
Matthew Weiner/Lucy Grimble, Development Securities PLC
020 7828 4777
This information is provided by RNS
The company news service from the London Stock Exchange
END
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