Property firm LondonMetric Property Plc has announced that it has sold the Odeon multiplex cinema in Taunton, Somerset for £9.1m to Asda Pension Fund.
The eight screen, 27,000 sq ft cinema is let to Odeon Cinemas Ltd for a remaining term of 22 years, and will become part of a portfolio managed by OLIM Property.
The property formed part of a portfolio of ten Odeon multiplex cinemas acquired by LondonMetric in 2013. It continues to own six Odeon cinemas and one VUE cinema with an average lease length of 22 years.
Andrew Jones, Chief Executive of LondonMetric, said, “Since acquisition, this asset has generated a strong income return and benefitted from yield compression as demand increasingly focusses on long and predictable income.
'It has been an excellent investment providing inflation linked income growth let to a strong covenant in a market that continues to strengthen on the back of an impressive film slate.”