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Multiplex player PVR has entered into a sale and lease-back agreement for its property at Saket in New Delhi.
The multiplex PVR Anupam has been sold for Rs 52 crore. At the same time, the company entered a long-term lease agreement with the new owners, to continue operating the property.
The multiplex, which has four screens, opened at the prime location in 1997. The company, in its filing at the Bombay Stock Exchange, said the sale and lease-back of the property was in line with its strategy to maintain an asset light business model.
“The sale and lease-back of the property will provide significant funds for expansion plans of the company and will release substantial capital to fund the future projects,” PVR said in a statement.
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