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Rank agrees £172m sale and leaseback deal
By Sarah Todd
The Rank Group has agreed a £172m sale and leaseback deal with Earth Estates and Solarus Estates.
A total of 43 Rank properties in the UK are involved in the deal while a further 44 unwanted leases for Rank properties including old cinemas, nightclubs and pubs have also been transferred to Earth and Solarus.
The deal includes the £211m sale and leaseback of 40 Mecca bingo clubs and four Grosvenor casinos and is expected to raise a pre-tax net book gain of approximately £53m. The proceeds will be used to pay down debt.
Rank will lease back the properties over 15 years at an initial rate of £11.2m per year.
Earth Estates and Solarus Estates are joint venture companies formed by William Pears and the Khalastchi family.
Elsewhere within the Rank estate, Permira, the private equity firm which recently pulled out of the bidding war for hotel group De Vere, has reportedly turned its attention to Rank’s Hard Rock Cafe chain.
The Sunday Times reported that talks between the groups started two months ago, “after an unsolicited approach by Permira”.
It has been estimated that the Hard Rock chain could be worth around £500m if it went to auction. Details: www.rankgroup.com
The Rank Group has agreed a £172m sale and leaseback deal with Earth Estates and Solarus Estates.
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