CB Richard Ellis acting for Enterprise Inns is pleased to announce the sale and leaseback of 29 central London pubs to Max Property Group plc for a cash consideration of £42.56m. The properties are let on a 35 year lease with an initial rent of £2.975m per annum.
David Batchelor, Senior Director at CB Richard Ellis and Head of Leisure and Alternative Investments commented: “The demand from institutional investors for well located real estate is well known. This transaction shows that good pubs are an excellent and intelligent alternative to more traditional asset classes and that there is a keen interest among mainstream investors. We anticipate that 2011 will see significant portfolio volume in both the Leisure and Healthcare markets where we specialise.”