Secure Income sells Madame Tussauds property for £332.5m

Secure Income Reit has sold the iconic Madame Tussauds museum premises in Marylebone for £332.5m.The sale of the tourist attraction to the Taiwanense insurance company Fubon Life Insurance is expected to be completed during the third quarter of the year.Madame Tussauds, which has been a waxwork museum for 130 years, is currently let to Merlin Attractions Operations. Merlin also owns Sealife, the Warwick Castle and the Dungeons attractions.The group said the let runs for a minimum of 27 years with the option to extend the lease for further 70 years. The current lease of the property is £15.7 million per annum.Chairman Martin Moore said: "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."Moore added, however, that the group's strategy remains to invest in "high quality assets" which will generate long term income.Shares in Secure Income were up 1.72% to 295p on Tuesday.