Manchester – LAWFUEL- UK Business & Law – Anita Weightman, Vanessa Rickard, Claire Quinn, Stephen Jones and Susan Fink of DLA Piper have acted for Vue Entertainment on the £71.1 million sale and leaseback of a portfolio of six cinemas to Cheval Properties.
The portfolio composes five prime investment properties located in Cambridge, Doncaster, York, Accrington and the flagship Leicester Square cinema in London. The properties include a mix of freehold and leasehold interests.
There is also a redevelopment opportunity located in Bury adjacent to an ASDA Superstore. Vue has entered into a new 15-year lease on four of the investment properties, a 29-year lease on Leicester Square and a 3-year lease in Bury.
Vue is the largest operator of modern, stadia seated multiplex cinemas in the UK. It has 55 multiplex cinemas with 544 state-of-the-art auditoria.
Anita Weightman, head of real estate at DLA Piper Manchester said: “Vue Entertainment is a long standing client of ours and we are delighted to assist them in this next stage of their business.”
HP Four and DLA Piper Manchester acted for Vue and Edgerley Simpson Howe and Macfarlanes acted for Cheval Properties.