Italian fund management group Fondi Immobiliari Italiani (Fimit) has acquired three multi-screen cinemas in Northern Italy for EUR 58 mln. The assets are located in the cities of Limena (Padova), Silea (Treviso) and Parma.
Italian fund management group Fondi Immobiliari Italiani (Fimit) has acquired three multi-screen cinemas in Northern Italy for EUR 58 mln. The assets are located in the cities of Limena (Padova), Silea (Treviso) and Parma.
The vendor is Solengo, a subsidiary of MSREF V Amber, which is 70%-controlled by Morgan Stanley's MSREF V International fund and 30%-owned by the Furlan Group.
The acquisition is earmarked for Delta, a listed property investment fund managed by Fimit.
The three properties are entirely leased to The Space Cinema 1 and offer a total of 38 screens over nearly 27,000 m2 of leasable space. About EUR 46 mln of the investment volume consists of debt provided by Banca Imi of the Intesa Sanpaolo group. The deal is expected to generate a gross yield of 8.1%.
As part of the acquisition, Fimit has also signed new leasing agreements with The Space Cinema 1 for a term of 15 years and an option for a further six years. The Space Cinema 1 is Italy's largest cinema operator and is owned by 21Partners (51%) and Mediaset (49%).
The acquisition by the Delta fund adds to the purchase in December 2009 of a portfolio of five cinemas with 46 screens also operated by The Space Cinema 1.
Separately, Fimit has reportedly signed a preliminary agreement to buy the former headquarter of Federconsorzi at Piazza Indipendenza in Rome. The purchase is earmarked for the Omega fund for institutional investors. The eight-storey office property provides around 30,000 m2 of office accommodation and commercial areas on the ground floor. The acquisition price amounts to EUR 70 mln.
