Portfolio of 13 Stonegate-operated pubs sold to BlackRock

By Liam Coleman contact

- Last updated on GMT

New landlords: the Mailbox in Lincoln is one of the pubs sold
New landlords: the Mailbox in Lincoln is one of the pubs sold

Related tags: Investment, Stonegate

A collection of 13 pubs, operated by Stonegate on a leasehold basis, has been sold for £23m by Coffer Corporate Leisure to BlackRock.

Stonegate said it did not expect the sale to impact day-to-day operations or trading for the pubs involved.

Huge demand

Coffer Corporate Leisure managing director Mark Sheehan said the off-market sale of the portfolio was characteristic of the “huge demand” for pubs in the investment market.

“Institutional investors are attracted by the long leases, index-linked uplifts, strong underlying property value and liquidity of pub assets. Lack of stock remains our biggest issue,” Sheehan added.

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Pubs sold

The Burlington, Chesterfield; The Castle, Blackpool; The Crafty Scholar, Lancaster; The Mailbox, Lincoln; The Merchant, Glasgow; Prince of Wales, Chatham; Prince of Wales, Chorley; Slug and Lettuce, Derby; Slug & Lettuce, Southend on Sea; The Station, Eastleigh; The Surrey Arms, Camberley; Yates’s, Blackpool; Yates’s, Leicester

Related topics: Property law, Other operators

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