LaSalle acquires Epsom’s Odeon for GBP9.15 million
By Bridging Loan Directory -
LaSalle Investment Management has completed the purchase of 14b-18 Upper High Street, Epsom, Surrey, currently let to Odeon Cinemas Limited, for GBP9.15 million. The purchase was made on behalf of pension fund client the Northern Ireland Local Government Officer’s Superannuation Committee (NILGOSC) and represents a net initial yield of 6.94% according to Property Funds World.
Located in the heart of Epsom’s town centre, the 40,534 square foot Odeon has eight screens and is the town’s only cinema. Odeon is the largest cinema chain in the UK and accounts for nearly a third of all tickets sold.
Christopher Fry, fund manager at LaSalle Investment Management says: “This acquisition fits the strategy for the Fund well. The asset trades well and offers the Fund a secure income stream at an attractive yield.”
LaSalle Investment Management was advised by Jones Lang LaSalle. The seller, CBRE Global Investors was advised by Savills.