Acting on behalf of Aprirose, Fleurets has sold a pub portfolio for a total consideration of £9,475,000 reflecting an initial yield of 4.8% to Kames Capital.
The transaction included four pubs, one let to Punch Taverns Plc and the remainder to the Spirit Group: two Surrey-based pubs - Refectory in Godalming (pictured) and Black Prince in West Byfleet, and Rye House in Hoddersdon, Herts, and The Ship in Wilmslow, Cheshire.
Ed Sandall, Divisional Director at Fleurets, said, 'We were delighted to act on behalf of Aprirose. The transaction reflects the balance of the portfolio we purchased on their behalf from Cerberus in December 2014. This transaction again highlights investor appetite for the leisure sector predicated on the long lease length, fixed rental growth and strong tenants.'
Manish Gudka, CEO at Aprirose, said, 'This transaction marks the successful execution of our business plan which involved an opportunistic approach by Fleurets to secure the assets which we held until the market improved and have sold off in a number of tranches enjoying excellent income and capital growth for our investors.'
