Derby cinema sold in £19m deal

Derby’s Odeon cinema has been sold by its owners as part of a double deal worth nearly £19m.

LondonMetric has sold the building, along with a retail asset in Guisborough, for £18.6m.

The 10-screen, 37,000 sq ft cinema formed part of a portfolio of ten Odeon Cinemas acquired in 2013.

Andrew Jones, chief executive of LondonMetric, said: “These assets have generated strong returns from both income and significant yield compression, as investors increasingly look for reliable and predictable income streams.

“The uplift in valuation over book value demonstrates the strength of the current market for long income with guaranteed growth in liquid lot sizes. Furthermore, it provides strong support for our portfolio valuations.”

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