Ashurst has advised Odeon Property Group LLP ("Odeon") on the sale of a portfolio of 10 out of town Odeon cinema properties to LondonMetric Property plc for £80.6 million (net of corporate acquisition costs).

The sale will allow Odeon to significantly reduce the bank debt and release further funding for the cinema operating group and will not impact the respective cinema operations. The cinemas comprise 384,220 sq ft and are located in: Chelmsford, Derby, Huddersfield, Lee Valley (London), Merryhill (Dudley), Preston, Tamworth, Taunton, Telford and Warrington. They either adjoin or are in close proximity to a retail park or shopping centre, and in 2012 attracted a combined attendance of 3.8 million visits.

The Ashurst team was led by corporate partner Karan Dinamani, supported by associate Kit Westropp, and trainee Francesca Witney. Real estate advice was led by counsel Chris Taylor. Real estate finance advice was provided by partner Sarah Watkinson, supported  by associate Sarah Winter. Partner Nick Gardner advised on the tax aspects, supported by associate Sarah Mardell, and trainee Sarah Munday.