More Enterprise Inns pubs sold off at auction

Enterprise Inns has raised £2.74m by selling its freehold interest in another handful of London pubs.

Four pubs were put into the auction, with one going unsold. The pubs, sold through auctioneers Cushman Wakefield, are:

The Canton Arms, Lambeth, South London. Sold ​for £930,000 (guide price of £850,000 to £900,000; an annual rent payable by Enterprise Inns of £65,000; yield: seven per cent)

The Palmerston, East Dulwich, South London. Sold ​for £986,000 (guide price: £850,000 to £900,000; rent payable £65,000; yield: 6.6 per cent)

The Britannia, Islington, North London. Unsold ​- available for £825,000 (guide price: £775,000 to £825,000; rent payable £60,000)

The Talbot, Islington, North London. Sold​ for £825,000 (guide price: £750,000 to £800,000; rent payable: £60,000; yield: 7.3 per cent).

Enterprise plans to lease the pubs back on new 35-year leases and use the proceeds of the sale to help pay down some of its debt.

Yesterday the pubco sold the freeholds of seven other London pubs at an auction hosted by Allsop, leasing them back on the same terms. That sell-off raised just over £9m.