Sunday, December 26, 2010

Enterprise Inns to Pursue Sale Leaseback of 27 UK Pubs in 2011

The Publican - December 22, 2010

Enterprise Inns is believed to be preparing to sell off the freehold interest in 27 pubs, possibly as part of its ongoing sale and leaseback programme.

One of the pubs understood to be up for sale in the New Year is the Eagle Ale House in Battersea, South London, which is run by Simon Clarke, a leading light in the Fair Pint movement.

The UK’s largest leased pub company sold the freeholds to 71 pubs in its last financial year, renting back the pubs on new, 35 year leases. When it announced its full year results in November it said it planned to do a similar number of deals in 2010/11.

Proceeds from last year’s sales came in at £114m, achieving an overall rental yield of 6.4 per cent. Earlier this month it sold the freeholds of a further 11 pubs for £13m.

The freeholds are sold through auctioneers, generally Allsop but also another firm, Cushman & Wakefield. Both are hosting auctions early in the New Year. Industry observers also suggest the 27 pubs might be on the block as a single package deal. Sphere: Related Content

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