Sale of £5m provincial pub investment portfolio
June 1, 2014
Coffer Corporate Leisure, on behalf of vendor PFA Acquisitions, has completed the sale of a package of four freehold pubs let to Stonegate Pub Company Limited. The consideration paid, £4.7 million, reflects a 6.5% net initial yield. The purchaser was undisclosed.
The portfolio contains four regional public houses in the following locations: Coventry, Warwick, Middlesbrough and Aberystwyth. All four sites formed part of the 78-strong former Bramwell Pub Company estate Stonegate acquired out of administration in November 2013 – two of which are operated under the ‘Varsity’ brand.
Mark Sheehan, Managing Director of Coffer Corporate Leisure said, “Investors recognise that dominate city centre pubs, even in under-loved provincial locations, are highly desirable assets. The value of all four of the properties is heavily underpinned by their strong and consistently performing operating businesses. The purchaser moved very quickly to secure the purchase of these high quality assets, simultaneously exchanging and completing within 5 days.”