18-property portfolio sale for EI Group
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.