UK investment firm Aprirose has purchased a 73-asset portfolio of public houses from pub and restaurant operator Mitchells & Butlers.
The investment volume was around €48 mln.
The portfolio, known as Milton Pubs & taverns, comprises 65 freehold and eight lease hold properties across the UK. Aprirose has appointed pub operator LT Management Services (LTM) to manage the assets.
'The acquisition of the Milton Pubs and Taverns portfolio from M&B represents an opportunity for us to take a more hands on approach to asset management,' said Aprirose chief executive Manish Gudka (pictured). 'We look forward to working with LTM, who are a leading operator in this space.'
'One of our business priorities is to rebalance our estate to deliver greater shareholder value,' commented Phil Urban, Mitchells & Butlers chief executive. 'Disposing of these sites means we are positioned to extract this value and will continue to move forward focusing on our key strategic priorities across our core business.'
'Following the disposal of 23 pubs to various institutions at the beginning of the year, we are pleased to confirm our commitment to such an interesting sector,' concluded Gudka. 'We continue to find the best assets to add to our diverse £1.2 bn real estate portfolio, and to explore the right opportunities for our investors in today’s post-referendum market.'
Mitchells & Butlers were advised by Savills and Eversheds.
