Aprirose, the real estate investment company, has bought a 73-asset pub portfolio from Mitchells & Butlers (M&B) for around £42m.
The portfolio, to be named Milton Pubs and Taverns, includes 65 freehold and eight lease hold properties located across the UK in England, Scotland and Wales.
The acquisition of the pub portfolio will be Aprirose’s first management contract undertaken in the sector. Aprirose has appointed pub operator LT Management Services (LTM) to manage the assets. LTM currently has more than 1,000 pubs, clubs and other assets under management.
The deal will make Aprirose the eleventh largest managed pub group in the UK. Tenants within Aprirose’s current pub portfolio include Greene King, Marston’s and Punch Taverns.
Manish Gudka, chief executive at Aprirose, said: “The acquisition of the Milton Pubs and Taverns portfolio from M&B represents an opportunity for us to take a more hands on approach to asset management. We look forward to working with LTM, who are a leading operator in this space.”
Savills advised M&B.
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