LondonMetric to sell Warrington cinema

LondonMetric Property has exchanged on the sale of an Odeon Cinema for £13.7m, while acquiring an urban logistics asset in Milton Keynes for £12m in a separate deal.

The cinema deal reflects a 4.8% net initial yield, while the logistics transaction represents a net initial yield of more than 5%.

The cinema at Warrington, which has 10 screens, measures 36,000 sq ft. It formed part of a portfolio of 10 Odeon cinemas bought in 2013 at a yield of 7.3%.

Completion of the cinema sale, to an unnamed institutional pension fund, will be delayed until December