CBRE to advise on the sale of UK public house income strip portfolio
Global real estate advisor, CBRE, has been appointed by Aviva Investors to sell a portfolio of eight recently constructed, freehold public houses strategically located across the UK.
All of the assets are operated by one of the UK’s largest and leading pub operators, Marston’s, with guarantees from the Marston’s topco. The leases expire in 2055 and have RPI annual kickers. Additionally, the tenant benefits from a £1 buyback option at lease expiry. The guide price is £21.6m, reflecting an attractive 5.75% NIY.
We are delighted to have been instructed by Aviva Investors to market this excellent income strip opportunity. The portfolio comprises high-quality real estate that benefits from good underlying fundamentals and a strong return profile, in a sector that we expect to flourish as we continue to come out of the pandemic.