The UK's Odeon cinema chain has been bought by a syndicate led by German investment bank WestLB for $690m (£431m).

In addition to a 25% equity stake, WestLB will take on £330m of debt, which it will refinance and securitise against future cinema ticket sales.

The other members of the consortium are the UK's Entertainment Film Distributors and the private property group Rotch, owned by brothers Robert and Vincent Tchenguiz.

Cinven bought the Odeon circuit from Rank three years ago for £272m and merged it with the ABC cinema chain. The current estate comprises 608 screens at 97 sites, including both multiplexes and smaller city centre sites.