Sale of 14 pub portfolio for over £40m
November 8, 2019
Coffer Corporate Leisure has completed the sale of an exceptional portfolio of 14 freehold public house investments situated throughout the south-east, midlands and the north of England.
The 14 properties totalled 97,600 sq ft, with all benefiting from large outside areas and dedicated car parks. The properties are let to Spirit Pub Company, which is a wholly owned subsidiary of Greene King Plc, one of the UK’s leading pub operating companies. 8 of the 14 properties were trading as Chef & Brewer, Greene King’s premium brand.
All leases are on full FRI terms with guaranteed annual rental uplifts until 2044. Spirit Pub Company also have the option to extend the leases for a further 20 years upon expiry.
Mark Sheehan, Managing Director, Coffer Corporate Leisure, said “We were very pleased to act on another high-quality public house portfolio. The appetite for secure, long-let, incoming producing assets remains robust, and this was demonstrated by the significant interest in this portfolio from institutional investors”.
Coffer Corporate Leisure had previously acted for the vendor, a large UK institution in the 2013 acquisition of the portfolio and the value had risen significantly.