Ei Group sells 18-property portfolio to clients of OLIM Property for £20.3m
May 16, 2017
On behalf of Ei Group,
Coffer Corporate Leisure has completed the sale of a portfolio of 18 commercial
properties to institutional investment clients of OLIM Property Limited,
comprising 13 pubs and five convenience stores mainly in Southern England.
The purchase price was
£20.3 million, representing a 15% premium to the Ei Group prior year-end book
value. The net initial yield on the transaction was circa 6%, with the rents on
all properties linked to RPI. increases, and a weighted average unexpired lease
length of 15 years.
Coffer Corporate Leisure
and Gosschalks acted for the vendor, with Fleurets, KLM Retail and Shepherd and
Wedderburn acting for the purchaser.