TDR Capital has offloaded a third tranche of regional -Stonegate pubs in a £30m sale to Mansford.
The price paid for the 23 pubs, in locations from Scotland to Southampton in Hampshire, reflects a circa 7% yield.
The portfolio, sold by TDR Capital’s PFA Acquisitions, is let solely to the Stonegate Pub Company for a term of 25 years. The pubs generate a rental income of £2.3m pa.
The deal marks TDR’s third disposal in eight months. In November last year it sold 17 pubs to Aprirose for £23.5m – a 6.65% net initial yield – and in June it sold 15 assets to OLIM Property for £28m, reflecting a 6.31% yield.
Mark Sheehan, managing director of Coffer Corporate -Leisure, which advised the vendor, said: “With sensible rents and strong operator covenants, pub assets are in demand. This is another example of the sector’s rising popularity with investors.”
TDR made its main splash into the UK pub market in 2010 when it bought 333 pubs from Mitchells & Butlers for £373m. They were purchased to form new pub and leisure group the Stonegate Pub Company.
Knight Frank acted for the buyer.
