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Cheval nabs Vue portfolio

Estates Gazette 10.03.2007

Robin Fell's Cheval Properties has bought a portfolio of six Vue cinemas after a deal with Edinburgh-based Miller Group collapsed.

Cheval has paid £71.1m, reflecting an overall yield of 6.2%.  Once the Bury redevelopment property is stripped out, the price paid reflects 5.33% on the remaining investments, which include a 30-year short-leasehold interest in Leicester Square.

Contracts for the Miller deal were pulled late last year.

The portfolio comprises Vue's flagship cinema in Leicester Square, WC1, cinemas in Cambridge, Doncaster, York and Accrington, and a development opportunity in Bury.

Vue has taken a 29-year lease on Leicester Square, a 3-year lease in Bury and 15-year leases on the remaining properties.

Fell said: "There is the potential for active asset management and further development of these properties. They also offer good long leases with fixed uplifts at reasonable yield."

HP Four advised Vue; Edgerley Simpson Howe acted for Cheval.

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