Cordea Savills, the international property investment manager, has purchased the Vue Cinema in London’s Leicester Square for £23.46 million on behalf of a UK pension fund client. The asset is the first to be purchased as part of a new mandate of £100 million to be invested in properties with RPI or fixed rental increases.
The nine-screen cinema, seating 2,500 people, lies in the heart of London’s tourist and leisure industry, the West End. It was rebuilt behind the Art Deco façade in 1993 and is the only true multiplex on Leicester Square.