Chill Factore sold for £15.5m
A joint venture between Development Securities and Pemberstone Investments has acquired Extreme Cool, the company that owns and operates the 167,000 sq ft indoor ski slope and activity centre in Manchester, for £15.5m.
The acquisition was partly financed with a £10.5m debt facility from ICG-Longbow.
Chill Factore includes a 180m indoor real snow ski slope, a climbing wall, and 16 retail and restaurant units. Tenants include Nando's, Snow & Rock, Evans Cycles and JD Wetherspoons.
DevSec said that it would be business as usual at the site and that there would be no changes to the management team. Plans are to increase investment in the business and new products to improve footfall, attract additional tenants and drive rental income.
According to DevSec, current revenues from the ski slope and retail units generate an income of £1.5m each year.
Chill Factore is the anchor tenant in the Trafford Quays Leisure Village, a mixed-use leisure and retail park next to Intu Trafford Centre.
Matthew Weiner, executive director of DevSec, said: "Drawing on our experience and success in managing real estate based operational businesses such as the Manchester Arena, we are confident that alongside our joint venture partners, we can to increase the value of this popular venue."
Livingstone Partners advised the vendor.
