Jersey-based real estate investor Max Property Group has announced the acquisition of a portfolio of 29 pubs in and around central London for nearly £43 mln (EUR 51 mln). The properties were acquired in a sale-and-leaseback deal with pub operator Enterprise Inns which has agreed to take a 35-year lease on the assets. The initial rent roll is £3 mln per annum.
Jersey-based real estate investor Max Property Group has announced the acquisition of a portfolio of 29 pubs in and around central London for nearly £43 mln (EUR 51 mln). The properties were acquired in a sale-and-leaseback deal with pub operator Enterprise Inns which has agreed to take a 35-year lease on the assets. The initial rent roll is £3 mln per annum.
The properties are located in Marylebone, Notting Hill, Chelsea, Spitalfields, Southwark, Camden, Highgate, Islington, Barnes, Sheen, Chiswick, Battersea, Clapham, Balham, Tooting and Fulham.
The transaction is expected to be completed by end of January. Eurohypo has agreed to provide debt finance of up to 60% of the total cost.
The acquisition brings the total property portfolio to around £315 mln, the company said. 'Consistent with our primary focus on entry price, this sale and leaseback offers attractive prospective returns underpinned by both the long leases with guaranteed uplifts and the vacant possession value of these properties located throughout some of London's most valuable boroughs,' said Mike Brown, CEO of Prestbury Investments, external asset manager for Max Property Group.
