Gala Coral sells nearly 50 bingo properties
Firms’s property subsidiary, 2005 Propco Three, has been actively marketing all of its 60 bingo and eight casino properties. Gala Retail will remain as the tenant in these properties and will continue to operate them.
As part of the move, the company has entered into new 25-year leases with M&G and also made a payment of nearly £34m to reduce the rent on its bingo properties by approximately between £9m and £15.5m annually.
The transaction follows the previous sale of two other bingo properties as well as the sale of eight casinos. The company anticipates that the remaining six properties will be sold in the first quarter of 2015. Paul Bowtell, CFO at Gala Coral, described the sale as “good news” for the group as it seeks to streamline its financial structure.
The move to current market rents on these bingo clubs will “enhance the profitability of the business,” he added. Gala Coral said that it continues to explore the possibility of selling Gala Retail.
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