Enterprise Inns raises £10m in latest freehold sell-off
Enterprise Inns has raised £10m after successfully selling the freeholds to nine pubs it put into a sale and leaseback auction.
The group had put the freeholds of the 11 pubs in the sale, which was hosted by auctioneers Allsop.
The move is the latest in a series of similar auction described in the past as its strategy of tapping into a robust property market where investors were on the lookout for good quality freehold assets.
Proceeds from the sale will go towards chipping away at the group's debt mountain.
Enterprise plans to lease back those pubs whose freeholds were sold in the auction, with sitting tenants being unaffected by the transaction.
The sites up for grabs - and the results of the auction - were:
The White Ferry House in Pimlico, London - sold for £1.55m (guide price £950,000 to £1m) rental yield: 4.52 per cent
The Fat Badger, Notting Hill, London - withdrawn from sale (guide price £975,000 to £1.025m)
The Ruby Lounge, King's Cross, London - sold for £880,000 (guide price £850,000 to £900,000) rental yield: 7.39 per cent
The Rocket, Acton, London - sold for £1.07m (guide price £1m to £1.1m) rental yield: 7.48 per cent
The Harwood Arms, Fulham, London - sold for £1.51m (guide price £925,000 to £975,000) rental yield: 4.64 per cent
The White Swan, Richmond-upon-Thames, London - sold for £1.2m (guide price £900,000 to £950,000) rental yield: 5.83 per cent
The Island, Kensal Rise, London - withdrawn from sale
The Yorkshire Grey, Clerkenwell, London - sold for £1.2m (guide price £1.1m to £1.2m) rental yield: 7.5 per cent
The Old King's Head, Bishopsgate, London - sold for £880,000 (guide price £750,000 to £800,000) rental yield: 7.5 per cent
The Londesborough, Stoke Newington, London - sold for £725,000 (guide price £700,000 to £750,000) rental yield: 7.59 per cent
The Horse & Hound, Broadway, Worcestershire - sold for £990,000 (guide price £950,000 to £1m) rental yield: 7.58 per cent
