LondonMetric sells Odeon cinema in Dudley

27th Jan 2014 07:32

LondonMetric Property, the FTSE 250-listed real estate investment trust, has disposed of the Odeon Multiplex Cinema in Dudley to clients of Aberdeen Asset Management.The 10-screen, 40,200 square-foot cinema was sold for £7.7m, reflecting a net initial yield of 5.95%, falling to 5.8% in June when a further top-up is due.It was first acquired by LondonMetric in November 2013 as part of a £80.6m portfolio of 10 Odeon cinemas.The company's Chief Executive Andrew Jones said the disposal shows "strong institutional interest for regional property"."We will continue to recycle capital opportunistically with an increased focus on new investments in our preferred out of town and retail distribution sub-sectors," he said.BC