Punch earns £5.3m book value profit on five pubs: Punch Taverns is to sell five London pubs to Manica Properties Limited for £9.7 million, a £5.3m profit on book value of £4.4m. The pubs to be sold are freehold outlets located in central London. The agreement is expected to complete on 30 June 2014. The consideration will be satisfied in cash. Net disposal proceeds will be used to reduce debt and reinvest in the estate. For the financial year ended 17 August 2013, the pubs being disposed of generated earnings before interest and tax of £500,000. Last month, Punch sold four London pubs to Morgana Limited for £6.7m, or £4.2m more than their book value. The four pubs generated earnings before interest and tax of £300,000. As at 1 March 2014, the pubs had a book value of £2.5m.
Leamington shopping park sold for £72m: Gibraltar Limited Partnership, a 50:50 joint venture between HUT and The Crown Estate, has sold the Leamington Shopping Park to Ignis UK Property Fund for £72 million, representing a net initial yield of 4.4%. British Land’s (the scheme’s property adviser) asset management expertise has transformed the scheme from a traditional bulky goods retail park into a fashion-led shopping park. The scheme was extensively refurbished in 2009 and almost every unit has been either re-let or reconfigured. Debenhams opened a department store in October 2013 and Caffe Nero took its first out-of-town unit at the park. The original line-up included Focus, MFI, Harveys and Rosebys. Occupiers now include anchor Debenhams, Outfit, Next, New Look, Mamas & Papas, Boots, Clarks and Frankie & Benny’s. Charles Maudsley, head of retail for British Land, said: “We have realised significant value at Leamington Shopping Park by transforming it into an attractive and successful shopping destination. That value has been recognised by the market and the sale demonstrates both the strong UK institutional demand for the right type of product and confidence in the prospects for the retail occupational market.”
Snoozebox sells out space at Goodwood portable hotel: Snoozebox Holdings, the provider of portable hotel accommodation and services, has announced that its portable hotel at the Goodwood Festival of Speed in June is now sold out. Snoozebox, has partnered with Goodwood to provide an exclusive 72 bedroom hotel for sponsors including Maserati, Bentley, Michelin and Honda at the Goodwood Festival of Speed. Lorcan Ó Murchú, chief executive of Snoozebox, said, “Goodwood Festival of Speed is a stunning weekend that captures the true spirit of motorsport, from F1 to the latest supercars, with fans able to rub shoulders with the stars of motorsport. We are delighted to be partnering with Goodwood again this year to deliver a bespoke hotel for their sponsors.” Tracey Greaves, Goodwood sales and marketing director, added: “With Snoozebox we can create a dedicated hotel for our sponsors that offers good quality accommodation and is ideally located on the Goodwood Estate, close to the action.”