Nick Leslau and Mike Brown’s Max Property Group has completed the sale and leaseback of 29 central London pubs to Enterprise Inns for £42.6m.
The properties have been let back to Enterprise Inns on 35-year leases with rental uplifts linked to RPI. The initial rent roll is £2.97mpa. The pubs are all freehold and include The Crown in Chelsea, The Famous Cock Tavern in Islington, Frog & Forget-Me-Not in Clapham and Thornbury Castle in Marylebone.
David Batchelor, senior director at CB Richard Ellis and head of leisure and alternative investments, which advised Enterprise Inns, said: “The demand from institutional investors for well located real estate is well known. This transaction shows that good pubs are an excellent and intelligent alternative to more traditional asset classes and that there is a keen interest among mainstream investors. We anticipate that 2011 will see significant portfolio volume in both the Leisure and Healthcare markets where we specialise.”
annabel.dixon@estatesgazette.com
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