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Sun 22 Feb 2015 01:53 PM

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MidEast investors lined up for $500m Madame Tussaud's building

Exclusive: Real estate firm CBRE meets potential buyers for London building which contains waxwork museum

MidEast investors lined up for $500m Madame Tussaud's building

Real estate agency CBRE was in the Middle East last week meeting potential buyers for the London building contains the Madame Tussaud’s waxwork museum, which is on the market for more than $500 million.

The UK-based international capital markets team at property consultancy firm CBRE last week met potential buyers from across the Gulf, including sovereign wealth funds, royal representatives and private investors.

It is understood a buyer from either the Middle East or Far East is most likely, with sources close to the sale process describing the property as a prime “defensive wealth diversification product” for long term investors such as private family trusts.

The Madame Tussauds building was valued at just under $400 in its last accounts. It was acquired by property millionaire Nick Leslau’s Secure Income REIT as part of a portfolio a decade ago and this is the first time the property has been on the market as a single asset since it was built in 1884.

The vendor is seeking offers in excess of $500 million for the building’s freehold. It is let for the next 27 years to Merlin Entertainments, which runs tourist attractions in 22 countries globally, including Sea Life Centres in Sydney, Legoland in Malaysia and the London Eye.

Bids are expected by April.

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