We are delighted to have acquired this asset for the fund. As an important asset in the portfolio, we have created a short eBook to provide more detail and explain why it is such a good fit.
TIME:Commercial Long Income has purchased the leasehold interest of a PGL centre, located in Liddington, Wiltshire. The asset, diversifies the fund as its first outdoor leisure/education facility (as at December 2019). The fund purchased the asset for just over £45 million on a 50-year leaseback to PGL Travel Limited.
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The fund purchased the asset for just over £45 million on a 50-year leaseback to PGL Travel Limited.
The PGL centre is under a Full Repairing and Insuring (FRI) lease and benefits from annual RPI linked upward only rent reviews with a floor of 0% and cap of 5%. Annual rent has been set at £1.9 million per year.
The property extends over approximately 146 acres and is made up of five individual buildings, along with storage buildings, five man-made lakes and landscaped grounds incorporating outdoor activity equipment.