LondonMetric sells Warrington Odeon for £14m
Advised by Knight Frank, LondonMetric has exchanged on the sale of Warrington’s 10-screen Odeon cinema to a pension fund for £13.6m, reflecting a net initial yield of 4.8%.
The Odeon at the Westbrook Centre covers 36,000 sq ft and has been owned by the property company since 2013, when it was acquired along with nine other Odeon sites.
Completion of the sale to the pension fund will be delayed until December 2018, which LondonMetric said would allow it to “implement a potential asset management initiative that would result in an additional payment”.
The company also added the disposal was above the site’s current book value.
Andrew Jones, chief executive of LondonMetric, said: “Our Odeon cinemas continue to generate strong income and capital returns and we have responded to investor demand for property than can deliver long, predictable and growing income.”
Late last year, the property company bought a 132,000 sq ft speculative shed in Speke, while it also disposed of a Tesco warehouse in Bolton’s Wingates Industrial Estate for £24.4m.