LondonMetric Property plc (LMP.L), a REIT investing in UK retail and distribution properties, Thursday said it acquired the seven-screen Vue cinema in Birkenhead for 5.5 million pounds (NIY 7.7 percent).
The cinema is let to Vue for a further 15 years with RPI rental uplifts of between 2 to 4 percent per annum, LondonMetric said in a statement.
The company also sold or agreed to sell 16 of 149 units at the residential Moore House.
In an interim managemet statement for the first quarter ended August, the company said it completed the sale of seven retail properties, including the development at Berkhamsted and the Odeon multiplex, for 33.8 million pounds
LondonMetric's investment portfolio stands at 1.08 billion pounds. The company's distribution portfolio now comprises 16 assets with a combined portfolio value of 351.8 million pounds.
The out-of-town investment portfolio now has 66 assets valued at 544.3 million.
The company's net debt stands at 469.4 million pounds and it has 64.5 million pounds of unused facilities available.
"We are making material progress in growing our rental income through accretive investments and from our asset management and development activities," says Andrew Jones, Chief Executive of LondonMetric
For comments and feedback: editorial@rttnews.com