Aviva Investors has sold eight freehold public houses strategically located across the UK for over £20 million.
CBRE has advised the company on the sale of the UK public house portfolio.
All of the assets are operated by one of the UK’s largest pub operators, Marston’s, with guarantees from the Marston’s topco.
The leases expire in 2055 and benefit from annual RPI indexation. Additionally, the tenant benefits from a £1 buyback option at lease expiry.
”We are delighted to have advised Aviva on the sale of this portfolio, which attracted interest from a wide range of investors. The sale of this income strip reflects investor confidence in the hospitality investment market recovery following the easing of trading restrictions,” said David Fraser, Senior Director and Investment Specialist, Operational Real Estate.