Enteprise sells 26 pub for £32.5m

by Neil Gerrard, Wednesday 23rd March 2011 16:53

Enterprise Inns has sold another 26 pubs for £32.5m.

The company has sold the properties, all of which are in London, to Hermes Property Unit Trust on a sale-and-leaseback basis on 35-year leases.

The proceeds from the sale are greater than the total book value as at 30 September 2010 of £25m.

All the properties will be held on full repairing and insuring leases with five-yearly upwards-only increases, all increases in line with RPI subject to a minimum uplift of 2% per annum and a maximum uplift of 4% per annum.

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By Neil Gerrard

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