Ei Group (EIG – formerly Enterprise Inns) has sold a portfolio of 18 commercial properties to institutional investment clients of OLIM Property Limited, the property investment company led by former Liberal Democrat Treasury spokesman Matthew Oakeshott.

The purchase price for the package, which comprised 13 pubs and five convenience stores mainly in Southern England, was £20.3 million, representing a 15% premium to EIG prior year-end book value.

The net initial yield on the transaction was 6.57%, with the rents on all properties linked to RPI. increases, and a weighted average unexpired lease length of 15 years.

Contracts were exchanged 10 days after terms were agreed.

Mark Sheehan, managing director of Coffer Corporate Leisure, which acted on the deal, said “This portfolio sold on behalf of EI group is another example of institutional demand for pub investments. There are a shortage of leisure assets being offered and many buyers trying to find opportunities.”

Coffer Corporate Leisure and Gosschalks acted for the vendor, with Fleurets, KLM Retail and Shepherd and Wedderburn acting for the purchaser.

OLIM Property has made a number of investments in the pub sector over the last few year. In 2014, it acquired 15 freehold pubs let to Stonegate Pub Company for £28.3m.