Pinewood Shepperton purchases remaining 50% stake in SSPP

4th Dec 2014 09:53

Pinewood Shepperton has completed the purchase of a 50% interest in the Shepperton Studios Property Partnership (SSPP), previously owned by clients of Aviva Investors.The deal comprised a £36.8m cash payment to Aviva, which included the full repayment and cancellation of the now £24m drawn debt facility within SSPP provided by the insurance firm.The 50% share of the SSPP net assets acquired was £9.5m as at 31 December, including the £24m of Aviva debt funding, while 50% of the net income for the year ended 31 December amounted to £2.8m.Pinewood said the transaction has been internally financed and the deal means the provider of studio for the TV and movie industry is now the sole owner of SSPP.Pinewood shares were up 1.26% to 481.00p at 10:23 on Thursday.