Acquisition of London Pubs portfolio
14 Januar 2011 - 3:18PM
UK Regulatory
TIDMMAX
In a sale and leaseback transaction, Max Property Group Plc has today exchanged
contracts to acquire a portfolio of 29 freehold pubs let to Enterprise Inns Plc
for 35 years with minimum uplifts throughout the term for cash consideration of
GBP42,560,800.
The properties are located in and around Central London in high value
residential areas: Marylebone, Notting Hill, Chelsea, Spitalfields, Southwark,
Camden, Highgate, Islington, Barnes, Sheen, Chiswick, Battersea, Clapham,
Balham, Tooting and Fulham.
All of the properties will be held on full repairing and insuring leases with
annual upward only increases for the first five years and five-yearly increases
thereafter, with all increases in line with RPI subject to a minimum uplift of
3% per annum and a maximum uplift of 4% per annum. The initial rent roll is
GBP2,975,000 per annum.
Completion is expected to occur on 31 January 2011. The Group's current cash
resources are c. GBP110 million, and terms have been agreed with Eurohypo AG to
provide non-recourse debt finance up to 60% of the total cost.
The acquisition brings the total property portfolio (based on 30 September 2010
independent valuations plus the nightclubs and pubs portfolio at cost) to c.
GBP315 million.
Mike Brown, CEO of Prestbury Investments LLP, external asset manager for Max
Property Group Plc, said:
"Consistent with our primary focus on entry price, this sale and leaseback
offers attractive prospective returns underpinned by both the long leases with
guaranteed uplifts and the vacant possession value of these properties located
throughout some of London's most valuable boroughs."
14 January, 2011
ENQUIRIES:
Prestbury Investments LLP Tel: 020 7647 7647
Mike Brown
College Hill Tel: 020 7457 2020
Gareth David
Morgan Stanley (NOMAD) Tel: 020 7425 8000
Jonathan Lane
Edward Knight
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Max Property Group plc via Thomson Reuters ONE
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