LondonMetric sells Preston Odeon for £10.2m

LondonMetric has sold the Odeon Multiplex Cinema property in Preston for £10.2m, the FTSE 250 company announced on Monday.

The ten screen, 33,000 square foot cinema was sold to Blackrock UK Long Lease Property Fund and reflected a net initial yield of 5.75%.

The property was one of ten Odeon Multiplex Cinemas acquired by the company in November 2013.

"This sale attracted good institutional interest for a long-dated and inflation linked income let to a strong covenant, particularly as the cinema market has continued to strengthen on the back of an impressive film slate,” said chief executive Andrew Jones.

LondonMetric still owns seven Odeon cinemas as well as a Vue cinema, with an average lease length of 22 years.