Business
Acquisition of Merton Studios
Acquisition of Merton Studios.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n 29 September 2010\n\n Panther Securities PLC \n\n (\"Panther\", \"Company\" or \"the Group\") \n\n Acquisition of Merton Studios \n\nThe Company announces that it has exchanged contracts with FremantleMedia\nLimited to acquire the freehold site at Merton Studios, Bosun House, South\nWimbledon, SW19, which encompasses 200,000 sq ft of brick built warehouses on 4\nacres of land, recently used as a film studio with numerous sets and related\nequipment. The purchase price for the freehold site and certain stock and fixed\nassets contained within the Merton Studios is £4,750,000 in cash.\n\nThe Group has also invested £150,000 for a minority interest in the equity of a\nseparate company (outside the Group) which will run the Merton Studios business\nas independent film studios. The other equity shareholders include Andrew\nPerloff (Chairman of Panther), the management team of the film studios and\nother outside investors.\n\nIt is proposed that the management company will take a 10 year lease on the\nMerton Studios building at a rent of £490,000, with one year rent free, and\nalso lease the stock and fixed assets contained within the building.\n\nThe Group believes this is a good long term property investment, with\nadditional potential benefits if the independent film studios are successful.\n\nFor further information: \n \nAndrew Perloff, Panther Securities plc: 01707 667 300\n \nSimon Peters, Panther Securities plc: 01707 667 300\n\n\n \n ","length":2028,"tagName":"div"}]