29 September 2010
Panther Securities PLC
("Panther", "Company" or "the Group")
Acquisition of Merton Studios
The Company announces that it has exchanged contracts with FremantleMedia
Limited to acquire the freehold site at Merton Studios, Bosun House, South
Wimbledon, SW19, which encompasses 200,000 sq ft of brick built warehouses on 4
acres of land, recently used as a film studio with numerous sets and related
equipment. The purchase price for the freehold site and certain stock and fixed
assets contained within the Merton Studios is £4,750,000 in cash.
The Group has also invested £150,000 for a minority interest in the equity of a
separate company (outside the Group) which will run the Merton Studios business
as independent film studios. The other equity shareholders include Andrew
Perloff (Chairman of Panther), the management team of the film studios and
other outside investors.
It is proposed that the management company will take a 10 year lease on the
Merton Studios building at a rent of £490,000, with one year rent free, and
also lease the stock and fixed assets contained within the building.
The Group believes this is a good long term property investment, with
additional potential benefits if the independent film studios are successful.
For further information:
Andrew Perloff, Panther Securities plc: 01707 667 300
Simon Peters, Panther Securities plc: 01707 667 300