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17 October 2018
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LondonMetric sells cinema and reinvests capital to urban logistics

12 July 18 - Styliani Rouchota
LondonMetric sells cinema and reinvests capital to urban logistics

COMPANIES

Savills

Consultant - GREECE

IBI Group

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

Solum Property Solutions

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
LondonMetric Property has sold a cinema building to an unnamed pension fund and reinvested the capital into an urban logistics asset which offers greater certainty of occupation.

 

According to the realassets.ipe.com, the real estate investment trust said it has agreed to sell the 10-screen, 36,000sqft Odeon Cinema building in Warrington for €15.5million and will buy the 112,000sqft Royal Mail warehouse in Milton Keynes for £12m.

LondonMetric said the warehouse is let for a further 10 years.

The property is let at a low rent of £3.20 per square foot and there is an outstanding rent review from May 2018, LondonMetric said, adding that this is expected to increase the rent by over 80%.

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