LondonMetric acquires portfolio of 10 Odeon cinemas

14th Nov 2013 08:19

FTSE 250-listed LondonMetric Property has acquired a portfolio consisting of 10 Odeon out of town cinemas. The £80.6m purchase will be funded by a term facility of £43.5m, it said. The portfolio is let to Odeon Cinema 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 £5.9m per annum. In 2012 the cinemas attracted a combined attendance of 3.8m visits. Andrew Jones, Chief Executive of LondonMetric, said: "This is a very attractive acquisition of a well let portfolio within our out of town sector. The transaction offers us long and strong income with value enhancing asset management opportunities and increases our exposure to the leisure sector, which is a growing component of the retail experience. "We are pleased to be adding Odeon, one of the sector's pre-eminent operators with a 26% market share, to our tenant line up."NR