Delancey takes starring role in £100m cinema buy

摘要

Delancey has emerged as the frontrunner to buy a £100m-plus package of up to 16 cinemas from US media mogul Sumner Redstone's National Amusements.Bidders were lined up for the auction of Redstone's UK cinemas in April when Citi was appointed as adviser to sell its property and operating assets in the UK.Several cinema operators bid for the portfolio, including Cineworld and Israel Theaters, Israel's largest cinema group.But it is thought that Delanceymade a bid directly to National Amusements offering to enter into a property-only transaction.The deal would involve Delancey buying the freehold properties owned by National Amusements and leasing them back to the company, allowing it to remain in the UK and raise money through a property sale rather than an outright sale of the business.