The Sanctuary Group has agreed a sale-and-leaseback deal with Chelsfield for two West London buildings.
The company will sell the freeholds for £12.24m in cash.
Sanctuary manages musicians as diverse as Iron Maiden and Elaine Page, arranges concerts for Coldplay and holds the rights for music by Robbie Williams, Oasis and Celine Dion.
The two buildings, valued in 2002 at £9.95m, are:
- a head office at Sanctuary House, 45-53 Sinclair Road, London W14
- a recording studio at Sanctuary Town House, 150 Goldhawk Road, W12
Sanctuary will lease back the properties from Chelsfield for the next 20 years.
Sanctuary’s finance director Mike Miller said: “Sanctuary is an international music company, not a property investment company, and so it makes good business sense for us to realise the underlying asset value of these properties and to put that value to work with our main business activities.”
David Phillips, property director Chelsfield, added: “We are pleased to conclude this transaction with Sanctuary, one of our tenants elsewhere in our portfolio.”
References: EGi News 28/03/03
