Leisure group Whitbread has agreed a £51m sale-and-leaseback of seven properties with NFU Mutual and Standard Life Assurance.
Whitbread has signed 25-year leases on the properties, which are Premier Inns with adjoining restaurants.
The sale price reflects a yield of sub 5.3% and a profit over book value of £19.6m.
Group finance director Nicholas Cadbury said: “This sale-and-leaseback is a continued evolution of our overall funding portfolio, and follows our successful 2011 US private placement and bank refinancing. The significant book profit is a useful reminder of the value we create from our freehold developments, and the strong asset backing to Whitbread’s balance sheet.”
BNP Paribas Real Estate advised Whitbread.
samantha.mcclary@estatesgazette.com
