21st Jul 2020 20:11
Worsley Investors Ltd - investment firm - says UCI Italia SpA, tenant of the company's multiplex cinema in Curno, intends to re-open in mid-August. In exchange for a "considerable period" of rent holiday, base annual rental will increase "significantly" from March 1, 2021 and its minimum term will extend until June 30, 2035 instead of December 31, 2033 currently. "The rental holiday will deliver a substantial cash flow benefit to UCI during a period when the cinema has not operated normally. In return, the rental increase and lengthening of the lease term will provide Worsley Investors with a corresponding benefit to capital value," said Worsley. The agreement remains subject to documentation which is in the process of being finalised.
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Year-to-date change: down 24%
By Lucy Heming;Â [email protected]
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