Italian fund manager Fimit said that its listed Delta closed-end property investment fund has acquired a fully-let portfolio consisting of five multi-screen cinemas for a total of over EUR 65 mln. The transaction reflects a gross yield of 7.5%.

The properties are located across Italy in the cities of Torri di Quartersolo, Livorno, Torino, Bologna and Salerno. Four assets were acquired from The Space Cinema, a partnership 51%-held by 21 Partners and 49% by Mediaset. The cinema in Bologna was bought from Fininvest Sviluppi Immobiliari.

The transaction price includes around EUR 39 mln of debt arranged by UniCredit Corporate Banking and Banca Imi.

Fimit said that The Space Cinema has agreed to lease back the properties for 15 years with an option for a further six years. The Space Cinema is one of Italy's leading cinema operators with a market share of around 30%.