CBRE advises Zetland Capital Partners on bingo hall portfolio acquisition
Zetland Capital Partners LLP, a London based Private Equity firm, today announced that funds it manages have agreed to acquire a portfolio of 37 bingo halls let to Buzz Bingo.
The acquisition, for an undisclosed sum, is one of the largest UK leisure real estate transactions in 2021 and the largest UK bingo real estate transaction in the last few years.
Ahmed Hamdani, Managing Partner at Zetland Capital Partners LLP, said: “We are excited to have acquired this diverse portfolio of assets, let to one of the major bingo operators in the UK. We have partnered with an experienced team which will enable us to create additional value in this significant leisure estate.”
Toby Hall, Senior Director of the CBRE OPRE Pubs & Leisure team, said: “The acquisition is reflective of the resurgent demand for leisure assets in the recovering hospitality market, particularly those properties which have a strong residual real estate underwrite.”
This is the third major leisure and hospitality investment completed by Zetland Capital in the UK this year. In the last few months, Zetland has invested in Portobello Starboard, a platform backed by Zetland and operated by Portobello Brewery, which bought 12 freehold pubs in London, and acquired hotels in Manchester and Edinburgh from Macdonald Hotels.
Zetland Capital Partners were advised by BCLP (English Legal), Brodies (Scottish Legal), Mourants (Guernsey Legal), Eversheds Sutherlands (Tax & Structure), EY (Finance), CBRE (Commercial), Edgerly Simpson Howe (Commercial), Knight Frank (Residential), Avison Young (Acquisition), Currie & Brown (Technical & Environmental), POD Architects (Residential), Assured Partners (Insurance).