ING Real Estate Entertainment Fund and the Panthers Entertainment Group have finalised a $85.1 million joint venture.
Panthers and IEF will jointly finance Panthers club premises under the terms of the agreement.
The balance of the value of the club premises will be retained by Panthers, who will also continue to operate the clubs on long term leases.
Panthers will use funds received from the agreement to pay down debt and initiate a strategic refurbishment programme, aimed at improving amenities for members and optimising the trading performance of the Group.
IEF’s chief executive Daniel Hargraves said this transaction is the first of its kind in Australia and provides a structure for both IEF and the Club industry to realise investment opportunities.
“W have worked closely with Panthers to ensure this joint venture will enhance investment returns to IEF unitholders and provide lasting benefits for all stakeholders,” he added.
Australian Property Journal
