PORTFOLIO DISPOSALS
01
Project Thyme
18-property portfolio sale for EI Group Plc
The section, transaction management and sale of a portfolio of 18 commercial properties to institutional investment clients of OLIM Property Limited, comprising 13 pubs and five convenience stores mainly in Southern England. The purchase price was £20.3 million, representing a 15% premium to the Ei Group prior year-end book value. The net initial yield on the transaction was circa 6%, with the rents on all properties linked to RPI. increases, and a weighted average unexpired lease length of 15 years.
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Date: 16th May 2017
Sale price: £20.3m
Client/ Employer: EI Group Plc (Vendor)
Agent: Coffer Corporate Leisure
Solicitors: Gosschalks
02
Project Pepper
Portfolio sale of 22 commercial properties
The section, transaction management and sale of a portfolio of 22 commercial properties, comprising 17 pubs and five convenience stores for a sum of £20million.
The portfolio was acquired by a private buyer, a UK institution, representing a gross yield of 6.7 per cent based upon the gross rental income of £1.34million. The properties are located right across the UK, and contain a mixture of both multiple and individual operators, with 17 different tenants in total.
The disposal was part of the Enterprise Inns Plc commercial property portfolio.
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Date: 8th June 2016
Sale price: £20m
Client/ Employer: Enterprise Inns Plc (Vendor)
Agent: Coffer Corporate Leisure
Solicitors: Gosschalks
03
Sale of 16 pubs to Fullers Plc £25.4m
Negotiating the sale of a portfolio of tied pubs in the South of England, which generated net income of 1.9m, including The Boater in Bath, The Bear & Ragged Staff Romsey & the Plough at Stoke d'Abernon.
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Date: 13th March 2012
Sale price: £25.4m
Client/ Employer: Enterprise Inns Plc (Vendor)
Solicitor: Gosschalks
04
Sale of 17 pubs to Hermes £23.85m
Sale and leaseback of a portfolio of 17 pubs for a consideration of £23.85m to Hermes Real Estate Investment Management Ltd (HREIML). The pubs were leased back to Enterprise Inns plc on new 35 year FRI leases. with five-yearly upwards only increases, all increases in line with RPI subject to a minimum uplift of 2% per annum and a maximum uplift of 4% per annum. The initial rent roll is £1,635,000 per annum.
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Date: 23rd December 2011
Sale price: £23.85m
Client/ Employer: Enterprise Inns Plc (Vendor)
Solicitor: Addleshaw Goddard
