Londonmetric Property Sells Odeon Multiplex Cinema In Dudley For GBP 7.7 Mln

LondonMetric Property Plc. (LMP.L) announced Monday that it has exchanged on the sale of the Odeon Multiplex Cinema in Dudley for 7.7 million pounds to clients of Aberdeen Asset Management, reflecting a net initial yield of 5.95%, falling to about 5.8% in June when a further top-up is due.

The company stated that the 10 screen, 40,200 sq ft cinema is let to Odeon Cinemas Limited for a remaining term of 24.7 years with no breaks. The lease is subject to annual rental increases of between 1% and 5% linked to the annual RPI index.

The property formed part of a portfolio of ten Odeon Multiplex Cinemas acquired by LondonMetric in November 2013 for 80.6 million pounds, reflecting an overall net initial yield of 7.2%.

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