Blackstone has begun recycling the assets from its 2014 takeover of Nick Leslau’s Max Property Group with a £51.8m sell off.
The US private equity giant has sold three separate portfolios comprising 23 central London pubs let to Enterprise Inns to a trio of institutional and private investors.
The pubs, which are all let until 2046, comprise a total floor area of 111,425 sq ft.
Seven of the pubs were acquired by LaSalle Investment Management for £17.3m – a 4.1% yield.
Helix Property Advisors, on behalf of Harmsworth Pension Funds Trustees, bought a further eight for £17.4m, a 4.4% yield, and a second portfolio of eight pubs, on behalf of a private individual client, for £17.6m.
Blackstone has already launched the sale process of a £70m South East business parks portfolio it acquired via the Max deal. However, the pub sale represents Blackstone’s first completed sale, and reflects the strong demand for leisure assets that has pushed up values in the past 12 months.
CBRE advised Blackstone; Helix was represented by ADS Real Estate Advisors; Finn & Co acted with Coffer Corporate Leisure Group on behalf of LaSalle Investment Management.
