Partnership nets Brains £13m site

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by The PMA Team Welsh brewer and pub company SA Brain and real estate investor Mansford Holdings have completed a major deal to buy out joint...

by The PMA Team Welsh brewer and pub company SA Brain and real estate investor Mansford Holdings have completed a major deal to buy out joint developer Countryside Properties' interest in the Old Brewery Quarter development in Cardiff ­ the first site the Brain family used for brewing in 1882. Brains and Mansford have formed a limited partnership to acquire the completed commercial investment in a deal worth around £13m ­ Brains' contribution is about £1m. In addition to equity funding from both partners, the deal has been financed with long-term debt funding from the Principality Building Society. The 85,000 sq-ft Old Brewery Quarter is a mixed development of 55,000 sq-ft of leisure space around an open-air piazza in the heart of Cardiff's growing city centre together with 42 long-leasehold loft-style apartments and penthouses. It has already attracted a range of bar and restaurant operators including Hard Rock Café, Future 3000, Nandos, Thai Edge, La Tasca and a major new Brains development, the Yard Bar and Kitchen, a 6,000 sq-ft pub that opens tomorrow. Scott Waddington, chief executive of SA Brain, said: "While major property acquisitions of this sort may not be core to our long-term growth strategy, there are powerful commercial and strong emotional reasons for this deal. "The old brewery is the traditional home of Brains and has enormous family heritage and its transformation provides a significant opportunity for our ambitious business. "It is also a natural extension to the major investment that we are making in the Yard Bar and Kitchen. "The new Old Brewery Quarter is a flagship leisure and residential development for the whole city and we are looking forward to playing a central part in its future success.

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