Aviva Investors has appointed CBRE to sell a portfolio of eight freehold pubs let to operator Marston’s.
The portfolio is being marketed with a £21.6m guide price, reflecting a 5.75% net initial yield.
The properties include guarantees from the Marston’s topco. They are leased until 2055 and have RPI annual kickers. The tenant also has a £1 buyback option at lease expiry.
David Fraser, senior director and investment specialist at CBRE’s operational real estate team, said: “The portfolio comprises high-quality real estate that benefits from good underlying fundamentals and a strong return profile in a sector that we expect to flourish as we continue to come out of the pandemic.”
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