UK-based Merlin Entertainments has entered into a sale and leaseback deal with Prestbury, the investment vehicle of entrepreneur Nick Leslau, worth £622m.
The deal involves the sale of some of Merlin’s property assets including Madame Tussauds London, Thorpe Park, Alton Towers and Warwick Castle.
The properties will be leased back to Merlin on 35-year renewable leases and Merlin will continue to operate and invest in the businesses as before.
Merlin, which is owned by the US-based Blackstone Group, said that it will use the proceeds from the sale to fun its three-year £200m-plus expansion programme and to repay debt incurred during the £1bn purchase of The Tussauds Group earlier this year.