London property investors acquire eight pubs for over £20m
A London-based property investment firm has purchased 8 pubs across the UK for over £20m.
Telereal Trillium has bought eight recently constructed, freehold public houses from Aviva Investors.
The pubs are all let to pub company Marston’s Plc for a total rent in excess of £1.3m per annum.
The leases expire in 2055 and are subject to rent reviews.
The pubs, which were constructed in 2014, occupy sites in market towns, as well as coastal locations in England, Scotland and Wales.
The pubs acquired are the Market Cross in Dunstable, Flying Shuttle in Haverhill, Sweet Chestnut in Dunfermline, Three Lights in Fleetwood, Waterwheel in Port Glasgow, White Willow in Bridgwater, Blaina Wharf in Newport and Featherbed in Shrewsbury.
Telereal Trillium’s senior acquisitions manager, Matthew Pearson commented: “This portfolio of high quality and strategically located pubs offers secure, long-term income from one of the most recognisable operators in the market.
We believe there are opportunities within the licenced sector and its readiness to cater for pent-up demand as we emerge from the pandemic.“
The firms head of investment acquisitions, Paul Munday added: “Whilst we continue to look for attractive value add opportunities, this transaction evidences our strong appetite to invest in assets occupied by good quality tenants with secure income profiles.
“We continue to seek similar investment products as part of enhancing our income return across the portfolio.”
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