Acquisition of £10m restaurant portfolio
April 10, 2015
OLIM Property Limited has bought eight restaurants in a sale and leaseback transaction with Prezzo Limited for a price in excess of £10 million.
The properties, six in East Anglia and two in Dorset, are for OLIM Property’s discretionary pension fund and investment trust portfolios. Seven of the restaurants are freehold, trading as Prezzo, with one Chimichanga long leasehold. Rent reviews are indexed throughout the 30 year term.
The purchase completed ten days after it was agreed. CBRE and Glovers acted for the vendor, with Coffer Corporate Leisure and Shepherd and Wedderburn for the purchasers.