A listed cash shell set up four years ago to make acquisitions in the music and media industry has been resurrected, this time with the aim of spending £100m on UK property.
Imperial Music and Media, which is run by property tycoon and one-time boxer Desmond Bloom, said yesterday it had bought a portfolio of 38 properties across major UK cities including London for £12.5m.
The majority of the properties are let to retailers and restaurants, including Next and Pizza Express, and offer “strong growth potential”, the company said.
Shares in the vehicle, listed on the Icap Securities and Derivatives Exchange (ISDX), were suspended as part of the reverse takeover of the property portfolio.
It plans a £20m fundraising to help fund its acquisition.