Aprirose brews £23.5m pubs deal

Aprirose has bought a portfolio of 17 pubs for £23.5m, reflecting a 6.65% net initial yield. The pubs are let to Stonegate Pub Company or subsidiaries benefiting from a guarantee by the full Stonegate covenant. They were bought from PFA Acquisitions, represented by Coffer Corporate Leisure. The leases benefit from indexed uplifts throughout their 25-year terms. The pubs are located across the UK, including Blackpool, London and Glasgow. Mark Sheehan, managing director of Coffer Corporate Leisure, said: “High quality, town centre pubs with a substantial covenant are desirable assets. “Our understanding of the key active investors in the market helped PFA Acquisitions to quickly identify the buyer and complete the transaction whilst maximising return.” joanna.bourke@estatesgazette.com