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Mon 2nd Jun 2014 - Breaking News - OLIM buys £28m portfolio of Stonegate pubs
OLIM buys £28m portfolio of Stonegate pubs: Agent Coffer Corporate Leisure, on behalf of vendor PFA Acquisitions, has completed the sale of a portfolio of 15 freehold pubs let to Stonegate Pub Company Limited or subsidiaries benefiting from a guarantee by the full Stonegate covenant. The portfolio has been acquired by the investment managers OLIM Property Limited, chaired by Matthew Oakeshott, on behalf of discretionary pension fund and investment trust clients in an off market transaction totalling £28.27 million, which reflects a 6.31% net initial yield. The portfolio contains six Slug & Lettuce’s, four Yates’s and five unbranded pubs located throughout England and Scotland with a total rent of £1,887,882 p.a. The leases also benefit from indexed uplifts throughout their 25 year term. Stonegate Pub Company is one of the largest managed pub companies in the UK with an estate of over 620 pubs including over 260 freehold and long leasehold pubs. Mark Sheehan, managing director of Coffer Corporate Leisure said: “OLIM Property moved fast to acquire this package of high quality town centre pubs. With their wealth of experience acquiring leisure properties they were attracted by both the substantial covenant and quality assets in major towns and cities. They completed the purchase ten working days after we first offered it to them. Leisure is an attractive sector for property investors. Taking long leases, at reasonable rents, from a best-in-class operator in the pub sector is a very attractive proposition. We believe we will see many more such transactions over the coming months”. Matthew Oakeshott, Chairman of OLIM Property, said: “This is our kind of deal. We were offered it direct with the full facts at a realistic price by a committed seller for an immediate decision. We said yes in a day, and got our skates on from London to Cheltenham and Poole to Perth with our team of advisers to get it done in ten”. The locations are: Islington, Romford, South Woodford, Sutton, Cheltenham, Poole, Lincoln, Newcastle-under-Lyme, Sale, Blackpool, Leeds (Lower Briggate), Leeds (Woodhouse Lane), York, Newcastle-upon-Tyne and Perth. Kitchen La Frenais Morgan, Fleurets and Shepherd and Wedderburn acted for the purchasers, with CCL and Speechly Bircham for the vendors.
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