A portfolio of properties that will guarantee payments of more than £100m over the next 15 years will shore up the finances of Whitbread’s defined benefit pension scheme.
The hospitality group will create a portfolio of properties occupied by Premier Inn through a special purpose vehicle in which Whitbread will be the general partner.
The pension scheme will be a limited partner that will be entitled to a share of the rental income the properties generate. An independent valuer has put the value of the hotels in the partners at about £228m.
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