Stonegate places London pubs on market

By MC Allegra FS

- Last updated on GMT

Stonegate places London pubs on market

Related tags: London, Soho, Bar, Tattershall castle group

Stonegate Pub Company has confirmed it has placed a package of four central London freehold pub from its recently acquired TCG estate on the market - as part of a sale and leaseback process.

As revealed by M&C​ last week, the package, which is valued between £25m to £30m, comprises the St James Tavern in Piccadilly, the Duke of Wellington in Wardour Street, the Admiral Duncan in Old Compton Street, and the Bucks Head in Camden High Street.

Mark Sheehan, managing director of Coffer Corporate Leisure, which is marketing the package, said: “This is the best package of pub investments offered to the market. Such assets are rarely available. Property Investors will very much like the like the underlying property value and strong trading history in these outstanding locations.”

Stonegate had agreed to acquire the majority of Tattershall Castle Group (TCG), in a deal believed to be valued at c£100m earlier this month.

The acquisition consisted of 53 pubs out of the 62 operated by TCG including the famous Tattershall Castle flagship floating bar which is moored on the River Thames on London’s Victoria Embankment. The deal takes Stonegate’s estate to 665 sites.

The combined sale of a number of pub packages let to Stonegate topped the £100m earlier this year, after the a seven-strong portfolio of freehold pubs let to the managed operator was acquired for £9.7m.

The portfolio, which was sold by PFA Acquisitions, was acquired by OLIM Property Limited for its discretionary pension fund and investment trust clients, at a net initial yield of 7.53%.

This followed OLIM’s purchase of 15 Stonegate pubs for £28.27m last June.

Related topics: Other operators

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