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Health Club LA Fitness Tones Up Finances With Sale/Leaseback

LONDON-Health club operator LA Fitness has agreed the sale and leaseback of four of its new clubs in the Midlands and North-West of England. And it plans more sale and leasebacks to finance its ambitious expansion programme.

By Graham Parker | Updated on February 06, 2002

LONDON-Expanding health clubs operator LA Fitness has raised £8.2 million ($11.5 million) through the sale and leaseback of four of its clubs in Northfields and Sutton Coldfield near Birmingham; Sale in Cheshire and Kings Lynn in Norfolk.

The Company has agreed to take new 35-year leases on each of the properties at an initial rent of £693,297 ($975,000) per annum, based on £9.37 ($13.20) per sf. This rent will increase by 2.5% per annum over the first 15 years, and for the remainder of the term will be subject to five-yearly rent reviews to open market rental value.

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