Merlin sells several properties, will lease back from new owner

Posted Wednesday, July 18, 2007 9:11 AM | Contributed by Jeff

Merlin Entertainments Group has sold a group of its leisure property assets to entrepreneur Nick Leslau’s Prestbury investment vehicle for £622m, including Madame Tussauds, to pay off debt and fund investment. Prestbury will lease back Madame Tussauds London, Thorpe Park, Alton Towers and Warwick Castle to Merlin, owned by Blackstone, on 35-year renewable leases. Merlin is holding onto its freehold assets at its Legoland theme parks, Gardaland and several Sealife attractions, and will reinvest €400m in a three-year development programme in existing and new attractions.

Read more from Financial Times.

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