LaSalle Investment Management has continued its drive into the alternatives sector with the purchase of six pubs.
The portfolio, which includes the Fox and Hounds in Putney, SW15, and the Albion in Islington, N15, was bought from Aprirose for £17.8m – a 4.7% yield.
The pubs are let on long leases to subsidiaries of pub operators Stonegate Pub Company, Punch Partnership and Spirit Pub Company, with a weighted average unexpired lease term of more than 25 years.
Shaun Reed, national director at LaSalle Investment Management, said: “Alternatives continues to be a strong area of interest and the leisure sector in particular is yielding some interesting opportunities for clients looking for long-term income-generating assets. The portfolio will continue to operate as pubs, but they all have strong underlying values for alternative uses.”
Coffer Corporate Leisure acted for LaSalle.
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