European investor Avignon Capital has entered into a joint venture with Curzon Cinemas to fund the next stage of its expansion in the UK.
Avignon has agreed to provide capital of £15m for the development of six UK cinema sites.
This UK portfolio, Corinthian Curzon, will provide long-let cinema-led investment opportunities.
The partnership will acquire properties that it will then lease to Curzon Cinemas and other leisure operators.
The portfolio’s typical leases will be for 25 years with annual RPI increases.
Avignon has already provided funding for two sites, in Canterbury and Sheffield, which are already trading.
Philip Knatchbull, chief executive officer, Curzon, said: “The access to Avignon’s additional capital and expertise will help us find new Curzon venues and accelerate our growth plan.”
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