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London, 13th November 2013 - Jones Lang LaSalle has completed the investment sale of the Odeon cinemas at Richmond Hill and Richmond Studio to The Royal London Mutual Insurance Society Ltd.
The price paid was £12,140,000 for the passing rent of £610,000 pa. The cinemas are let for 25 years with annual RPI uplifts, collared and capped at 1% and 5%.
Mark Smith, Director in Jones Lang LaSalle’s Out of Town Retail & Leisure team commented: “There has been very little solus cinema investment evidence in recent years. This cinema, in conjunction with the Odeon in Gerrards Cross which was sold to CBREGI in September at £2.36 million, showed significant strength and depth of investor demand for the sector and for these attractive lease terms.”
Colliers International advised Royal London and FSP advised CBREGI.
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Lauren Keith - PR
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