25th Jan 2016 07:36
LONDON (Alliance News) - LondonMetric Property PLC on Monday said it has exchanged contracts for the sale of a Odeon multiplex cinema in Preston for GBP10.2 million.
FTSE 250-listed LondonMetric said it has sold the property to the BlackRock UK Long Lease Property Fund, with the sale price reflecting a net initial yield of 5.75%.
The ten-screen cinema is let to Odeon Cinemas Ltd for a further 23 years, LondonMetric said.
"This sale attracted good institutional interest for a long-dated and inflation linked income let to a strong covenant, particularly as the cinema market has continued to strengthen on the back of an impressive film slate," said LondonMetric Chief Executive Andrew Jones.
By Sam Unsted; [email protected]; @SamUAtAlliance
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