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View the article online at http://citywire.co.uk/wealth-manager/article/a752413

Property tycoon readies Reit holding Madame Tussauds and Alton Towers

by Robert St George on May 21, 2014 at 10:33

Property tycoon readies Reit holding Madame Tussauds and Alton Towers

Nick Leslau, a member of the Sunday Times Rich List 2014, is planning to launch a new real estate investment trust (Reit) next month.

The Secure Income Reit is expected to list in early June and will target an inflation-protected yield from property investments.

It will be managed by Leslau’s Prestbury Investments firm, with an initial eight-year lifespan. Prestbury is expected to retain a stake of around 26% in Secure Income after it floats.

Upon admission, the fund will own a freehold portfolio of 28 assets independently valued at £1.5 billion. Its properties include Madame Tussauds in London, the Alton Towers theme park and hotel (pictured), Thorpe Park, and 21 private hospitals in the UK.

The trust will be chaired by former M&G Real Estate chairman Martin Moore, who also advises Kohlberg Kravis Roberts on European real estate.

Secure Income has yet to reveal how much it hopes to raise at the initial public offering.

Leslau came joint 367th in this year’s Sunday Times Rich List with an estimated worth of £250 million, up from £200 million in 2013.

He also manages the £345 million Max Property Group, which owns interests in St Katharine Docks and the High Holborn Estate. Shares in Max, a growth rather than income vehicle that launched in 2009, have gained 16% over the past year while the FTSE All Share index has risen by 1.5%.

1 comment so far. Why not have your say?

Grumpy OAP

May 21, 2014 at 13:24

mm - I thought the likes of Madam Tussauds, Thorpe Park and Alton Towers were owned by the recently floated Merlin Entertainments? Perhaps they only lease the sites?

A sale could change the outlook for Merlin?

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