LONDON (Alliance News) - Secure Income REIT PLC on Tuesday said it has exchanged contracts for the sale of the freehold on the Madame Tussauds site in Marylebone Road in central London for GBP332.5 million.
Secure Income REIT is selling the freehold on the site to Fubon Life Insurance Co, the Taiwan-based life insurer.
The property is let to Merlin Attractions Operations Ltd, a subsidiary of FTSE 100-listed Merlin Entertainments PLC.
"While we have a strong tie to this internationally iconic building, from a management perspective we realise that having such a large single property exposure unbalances the spread of assets in our portfolio," said Martin Moore, Secure Income REIT's chairman.
Secure Income REIT shares were up 1.7% to 295.00 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
