Hogan Lovells Advises M&G on Gala Bingo Acquisitions
23 December 2014
23 December 2014 - Hogan Lovells has advised M&G's Secured Property Income Fund (SPIF) on the £173.4 million acquisition of a portfolio of Bingo Halls from a Gala Bingo Limited subsidiary. The transaction closed on 19 December 2014.
The M&G Secured Property Income Fund specialises in long lease property investment. The Gala Bingo portfolio comprises a mix of in town and out of town venues across the country, let on new 25-year leases to Gala Leisure Limited. It includes a number of their Heritage sites, such as the Grade II listed former Granada Cinema in Tooting.
The Hogan Lovells team advising M&G was led by London real estate partner Jackie Newstead and senior associate Jill Pittaway.
Commenting on the transaction, Jackie said:
"We look forward to advising M&G on future transactions as they continue to expand their portfolio".