Aviva to sell Marston’s pub portfolio

Aviva Investors has appointed CBRE to sell a portfolio of eight freehold pubs let to operator Marston’s. The portfolio is being marketed with a £21.6m guide price, reflecting a 5.75% net initial yield. The properties include guarantees from the Marston’s topco. They are leased until 2055 and have RPI annual kickers. The tenant also has a £1 buyback option at lease expiry. David Fraser, senior director and investment specialist at CBRE’s operational real estate team, said: “The portfolio comprises high-quality real estate that benefits from good underlying fundamentals and a strong return profile in a sector that we expect to flourish as we continue to come out of the pandemic.” To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews