Sale of three prime central London pubs
January 4, 2016
Stonegate Pub Company, the TDR Capital-backed group, has completed the sale of three central London-based freehold sites, as part of a sale and leaseback process. The package, which comprises the St James Tavern in Piccadilly, The Duke of Wellington in Wardour Street, Soho, and The Admiral Duncan in Old Compton St, Soho was acquired for a sum that further reduced the level of investment made by Stonegate in acquiring the TCG sites. Property investment specialists Coffer Corporate Leisure acted on behalf of the vendor. The subject pubs were acquired as part of the acquisition of 53 pubs from TCG Group. All three properties will be let to Stonegate on new 30-year leases, providing index-linked growth throughout the term. Coffer Corporate Leisure advised Stonegate. Finn and Company advised the purchaser, a private client, with occupational advice provided by Savills Licensed Leisure.