14th Nov 2013 14:37
LONDON (Alliance News) - LondonMetric Property PLC Thursday said it has acquired ten out-of-town Odeon multiplex cinemas from Odeon Property Group for GBP80.6 million.
The deal will be funded by a term facility of GBP43.5 million provided by Lloyds Bank PLC.
The portfolio is let to Odeon Cinema Limited for a remaining term of 24.9 years with no breaks and is subject to annual rental increases of between 1% and 5% linked to the annual RPI index.
The total initial rental income is GBP5.9 million per annum.
LondonMetric said the cinemas are located in Chelmsford, Derby, Huddersfield, Lee Valley in London, Merryhill in Dudley, Preston, Tamworth, Taunton, Telford and Warrington.
The stock was trading at 130.20 pence Thursday afternoon, up 1.10 pence or 0.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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