Cerberus Capital Management, the US private equity owner of Admiral Taverns, has acquired a further 32 pubs let to Punch Taverns from Nick Leslau’s Prestbury Holdings, in a deal valued at c£30m.
The pubs are located across the UK and held on long leases until 2034 and 2044, and have fixed uplifts. The price for the portfolio reflects a yield of sub 10%.
The deal follows the acquisition by Cerberus of 102 pubs let Spirit from Prestbury earlier this month in a deal valued at £170m.
The latest deal will take the number of pubs under the ownership of Cerberus to c1,230 after it acquired the c1,100-strong Admiral Taverns from Lloyds for c£200m in January last year. Cerberus will keep its new acquisition separate from the Admiral portfolio.
CBRE advised Prestbury and Sapient Corporate Finance advised Cerberus.
Precis
The pubs are located across the UK and held on long leases until 2034 and 2044, and have fixed uplifts. The price for the portfolio reflects a yield of sub 10%.
