Alternative Income REIT has sold its Wet ‘n’ Wild Park in North Shields, Tyne and Wear, to a Serco Group subsidiary for £3.2m.
The REIT sold the water park to its tenant, Serco Leisure Operating, reflecting a net exit yield of 6% and a 9.7% uplift on the original purchase price.
Alternative Income REIT will use the cash to grow its pipeline of assets.
The REIT also announced that M7, the company’s investment manager, has purchased 1m shares in the company at a price of 59p per share.
Steve Smith, chairman of Alternative Income REIT, said: “The acquisition of shares in the company by M7, the company’s investment adviser, underlines M7’s commitment to the business and confidence in the potential for growth in both the short and longer term.”
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
