UK pub operator Admiral Taverns has announced the acquisition of a portfolio of 150 pubs in England, Scotland and Wales from Heineken.
Although financial details were not disclosed, the package is thought to have a value of around £60 mn (€68 mln).
Heineken's sale stems from the ongoing integration of the Punch A estate and consists principally of former Punch ‘core’ pubs. The brewer bought nearly 2,000 Punch Taverns two years ago.
The acquisition brings Admiral Taverns' portfolio to around 950 pubs in the UK.
'The process illustrates not only the demand for high quality tenanted pubs, but also the rigour on timing and buyer-certainty that we can bring to a complex process,' commented Simon Johnson, senior director at CBRE which advised Heineken.
This is the fourth time that CBRE has assisted Heineken in a portfolio sales process – the first being the successful sale of 111 pubs to Admiral Taverns in 2014; followed by the sale of 30 pubs for CMA reasons in November 2017; and the sale of 76 pubs that were either closed or operating under Temporary Management Agreements to NewRiver REIT in December 2018.
