26
DEC
M&G Investments is Now Owner of 47 Gala Bingo Clubs

M&G Investments is Now Owner of 47 Gala Bingo Clubs

Written by: Emilija Zivulovic on 26/12/2014 14:05
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M&G acquired 47 Gala Bingo Clubs for £173.4 million but will leaseback the property to Gala in the time span of 25 years. This is more than 40 percent of Gala’s property including 12 ‘heritage clubs’ inside converted town halls or cinemas. Some 36 of the sites are freehold and the rest are leasehold.

Gala Bingo has been seeking a sale to raise £250 million and concentrate on its online business, but the sale of the entire business has been slow until now. Ben Jones, manager of the M&G Secured Property Income Fund made a comment on the acquisition:

‘This is a significant investment in a portfolio of key operating assets of a market leader in the leisure industry. M&G is now the largest owner of many of the most profitable of Gala’s operating sites.’

M&G’s Secured Property Income Fund invests in and develops a range of properties, including supermarkets, hotels, offices, student accommodation and residential buildings. They then long-term lease properties to tenants providing M&G’s institutional pension fund investors with bond-like returns linked to inflation.

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