A 23-strong package of pubs let to Stonegate Pub Company has been sold by its private equity backer TDR Capital to real estate investment company Mansford for c£30m.

The price paid for the pubs, which were sold through TDR subsidiary’s PFA Acquisitions, reflects a circa 7% yield.

The portfolio, which is spread across the UK, is let to Stonegate for a term of 25 years. The pubs generate a rental income of £2.3m per annum.

Last November, TDR sold a portfolio of 17 freehold pubs let to Stonegate to real estate investment company Aprirose in an off market transaction totalling £23.5m, which reflected a 6.65% net initial yield.

Last June, OLIM Property, the property investment company led by former Liberal Democrat Treasury spokesman Matthew Oakeshott, acquired 15 pubs let to Stonegate for £28.3m. The portfolio was sold through PFA Acquisitions to OLIM Property on behalf of pension fund and investment trust clients. The sale price represented a 6.3% yield.

Mark Sheehan, managing director of Coffer Corporate -Leisure, which advised TDR, said: “With sensible rents and strong operator covenants, pub assets are in demand. This is another example of the sector’s rising popularity with investors.”

Stonegate, which is mooted to be gearing up for an IPO this year, was formed in 2010 when TDR acquired 333 pubs from Mitchells & Butlers for £373m.