Tuesday, August 17, 2010

AMF Bowling Completes £15.2 Million Sale Leaseback of Nine Family Entertainment Centers in UK

Property Magazine International - August 16, 2010

Columbus UK Real Estate Fund, advised by Columbus Capital Management, has completed a purchase and leaseback of nine family entertainment centres from AMF Bowling. This combined with an equity investment from Close Brothers Private Equity (CBPE Capital), has financed AMF’s simultaneous acquisition of its main rival, Hollywood Bowl, from Mitchells and Butler plc.

AMF has acquired the 24 Hollywood Bowl centres for £27 million which, together with the existing 18 AMF centres makes the combined AMF Hollywood business the UK market leader with 42 prime sites across the UK. The AMF management team is highly regarded in the sector and is backed by the shareholders of Bourne Leisure, the owner of Butlins and Haven Holidays.

The nine centres acquired by Columbus range in size from 20,000 sq ft to 30,000 sq ft and are all situated on retail parks or major arterial roads. They are located in Ashford, Maidstone, Torquay, Peterborough, Wellingborough, Shrewsbury, Wigan, Carlisle and Stirling. The units have all been leased back to the combined AMF Hollywood Bowl business for 25 years at an average rent of approximately £6 per sq ft with rent reviews geared to the RPI Index.

The price of approximately £15.2 million reflects an initial yield of 9.3%.

Douglas Stevens & Co and Chester Properties advised Columbus Capital whilst Montague Evans acted for AMF Bowling. Sphere: Related Content

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