May 12, 2014
Lumina Real Estate Capital (LREC),a leading real estate investor and advisory company, has acquired Sunderland’s only city centre cinema and leisure scheme for £13m from Columbus Capital.
The 91,374 sq ft scheme, which is located on High Street West in Sunniside, is let to tenants including Empire Cinema, Grosvenor Casino, Nando’s and Frankie & Bennys.
The average unexpired term is in excess of 15 years. The deal reflects an initial yield in excess of 7%, increasing to c. 8% in September 2014.
Sassan Ahsani of Lumina Real Estate Capital says: “As the only cinema and family dining offer in Sunderland city centre, Sunniside offers the combination of a secure core of long income together with significant opportunities to improve the overall offering. We are delighted with this acquisition as it complements the existing investments we have in Special Situations Fund II. We continue to work hard to identify suitable transactions for the portfolio.”
BNP Paribas Real Estate advised LREC while Montagu Evans represented Columbus Capital.