BlackRock has bought an Odeon multiplex cinema in Preston, Lancashire, for £10.2m – a net initial yield of 5.75%.
The 10-screen, 33,000 sq ft cinema is let to Odeon Cinemas for a remaining term of 23 years.
The lease is subject to annual rental increases of between 1% and 5% linked to RPI.
The property was sold by LondonMetric, which bought the building in November 2013 at an net initial yield of 7.2%.
Knight Frank advised LondonMetric; CBRE represented BlackRock.
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