French SIIC Compagnie Fonciere Internationale (CFI) and insurance group CNP-Assurances have signed an agreement to purchase a portfolio of 11 cinema complexes in France for an undisclosed amount. The properties, which are fully leased to European cinema operator UGC, are located in Paris and its surroundings as well as other major French cities including Caen-Mondeville, Strasboug, Nancy-Ludres and Toulouse.
French SIIC Compagnie Fonciere Internationale (CFI) and insurance group CNP-Assurances have signed an agreement to purchase a portfolio of 11 cinema complexes in France for an undisclosed amount. The properties, which are fully leased to European cinema operator UGC, are located in Paris and its surroundings as well as other major French cities including Caen-Mondeville, Strasboug, Nancy-Ludres and Toulouse.
The buyers were advised by AEW Europe.
The portfolio comprises a total of 120 screens, and will be trasferred to a special purpose vehicle named CFI Image. Under the deal, UGC will retain a stake in the new vehicle, to which it has also committed to sell a further two cinemas located in Lille and Bordeaux.
CFI said that the closing of the transaction is conditional upon the obtainance of financing as well as upon the sale by Perella Weinberg Real Estate Fund I, owner of a 97% stake in CFI, of a 37% interest in the SIIC to comply with SIIC shareholding limits.
