A pub portfolio including sites let to Punch and Greene King has been acquired for £9.5m.

Kames Capital acquired the portfolio from investment firm Aprirose, reflecting an initial yield of 4.8%

The transaction included four pubs, the Refectory in Godalming, Rye House in Hoddersdon, Black Prince in West Byfleet, and The Ship in Wilmslow, with one let to Punch and the remainder to Greene King.

Manish Gudka, chief executive 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.”

Ed Sandall, divisional director at Fleurets, which acted on the deal, said: “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.”