David Lloyd secures £350m property sale to M&G Investments
by Jak Phillips | 11 Jan 2016
The deal accounts for 44 sites in DLL's UK portfolio, which totals more than 80 health clubs
David Lloyd Leisure (DLL) has agreed a £350m deal with M&G Investments for the sale and leaseback of 44 UK health clubs.
Described by an M&G spokesperson as a “routine property transaction” for the firm, the sites acquired will be leased to DLL for 125 years on a full repairing and insuring basis with contracted annual reviews linked to inflation. The portfolio comprises 25 freehold and 19 long leasehold properties.
According to Kris McPhail, investment director of M&G Real Estate (which sourced the deal), sale and leaseback transactions in alternative property sectors such as leisure have been particularly popular in recent years. He said the opportunity to unlock value from real estate assets is proving appealing to businesses, while investors are enticed by the preferential returns compared to traditional real estate sectors.
“Long lease property investments such as this provide attractive cash flows that are inflation protected and contracted over the long term,” added Ben Jones, manager of the M&G Secured Property Income Fund.
The deal gives DLL – which was acquired by private equity firm TDR Capital in 2013 for an estimated £750m – a significant amount of capital which could be used to boost the business. It is, however, unclear how the funds will be used, as DLL has declined to comment on the deal.
David Lloyd Leisure M&G Investments property sale sale and leaseback Kris McPhail28 May 2015
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David Lloyd Leisure (DLL) has agreed a £350m deal with M&G Investments for the sale and leaseback of 44 UK health clubs. Described by an M&G spokesperson as a “routine property transaction” for the firm, the sites acquired will be leased to DLL for 125 years on a full repairing and insuring basis with contracted annual reviews linked to inflation. The portfolio comprises 25 freehold and 19 long leasehold properties.
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