London, 16 September 2014 – Heineken UK has today announced that it has agreed to sell 111 tenanted pubs from its Star Pubs & Bars business to Admiral Taverns for an undisclosed sum. The sale is expected to complete during October 2014.

CBRE advised Heineken UK on the sale following a review of its pub estate. Following completion of the sale, the Star Pubs and Bars business will comprise an estate of around 1,100 pubs across the UK.

Siân Tunney, Head of Pubs at CBRE, commented:
“The pub sector has become increasingly dynamic of late, and this deal is a prime illustration of that. We exchanged contracts in just five working days, having received significant interest from real estate investors and private equity parties, alongside the more traditional existing pub operators. It is these new players, who are focused on the investment returns that can be delivered from the sector’s operational real estate, that are driving both pub values and the current pace of the market.”

This is the sixth group transaction that the CBRE Pubs team has advised on in 2014, including the sale of 22 pubs let to Stonegate Pub Company, the acquisition of 275 Greene King pubs by Hawthorne, the acquisition of 95 Amber Taverns units by MxP and BlueBay and the disposal in two tranches of 197 pubs let to Spirit Pub Company and Punch Taverns.