LondonMetric Property has agreed to buy a portfolio of ten out-of-town Odeon multiplex cinemas, including one in Huddersfield, from Odeon Property Group for £80.6m.
The acquisition will be funded by a term facility of £43.5m provided by Lloyds Bank.
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 per cent and 5 per cent linked to the annual RPI index. The total initial rental income is £5.9m a year.