Hawthorn Leisure, a company backed by US and London-based private equity firms, has purchase 275 tenanted and leased pubs in the UK.
Hawthorn Leisure, a company backed by US and London-based private equity firms, has purchase 275 tenanted and leased pubs in the UK.
Advised by CBRE Specialist Markets, Hawthorn Leisure purchased the portfolio from Greene King, one of the largest UK-owned breweries, for £75.6 mln (€92 mln).
This is the first investment for Hawthorn Leisure in the pub space and the group will seek to grow through further acquisitions.
CBRE Specialist Markets advised Hawthorn Leisure throughout, encompassing detailed financial, operational and real estate due diligence.
Siân Tunney, head of pubs at CBRE: 'After what has been a torrid time for the pubs business over the last few years, it has been exciting working with a company like Hawthorn who believe so wholeheartedly in this sector. Hawthorn will work in close partnership with its tenants, providing management support and capital investment to help them drive growth and maximise the potential of their pubs. We will also be looking for further acquisition opportunities for Hawthorn in the very near future.'
CBRE Specialist Markets has transacted over £700 mln of pub, leisure and healthcare assets in the last six months.
Hawthorn Leisure is backed by New York-based, global investment firm Avenue Capital Group and London-based May Capital and management. Avenue Capital provided the majority of the capital.
