Panther Securities disposes of Wimbledon Studios asset

London-listed property investment firm Panther Securities has completed the disposal of its freehold interest in Wimbledon Studios for £18m.

Panther exchanged contracts for the sale of its freehold interest to a nominee of the Scottish Widows Property Authorised Contractual Scheme on Wednesday.

The property had a book value of £13.55m as of 31 December 2017 and was originally purchased vacant, including stock, equipment and fixed assets for roughly £4.75m in September 2010.

"Being an entrepreneurial and opportunistic organisation, after buying the vacant property, the group initially attempted to run its own film studio in this property but unfortunately this was not a successful venture," said Panther.

Wimbledon Studios' current tenants, Marjan Television, took occupation in November 2014 and pay rent of £1.05m per annum.

"This was a very interesting and ultimately rewarding set of transactions," the group added.

Panther also noted that the sale of its St Nicholas House asset in Sutton had been moved back one month and would now be finalised in August and also advised investors that it was still awaiting a £470,000 payment relating to its £9.75m sale of its Holloway Head, Birmingham property.

The company is still hopeful that it will receive the full remaining balance of £9,750,000 on the agreed completion date of 31 July 2018," said Panther.

"The considerable funds from the sale of Wimbledon Studios and the other property sales outlined above will be used partly to pay down debt and partly held for other opportunities. If the sales of St Nicholas House and Holloway Head complete, then the group will be in a very strong liquid position to take advantage of any opportunities that may arise," it concluded.

As of 1500 BST, Panther shares had jumped 7.25% to 370p.