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.

Enterprise Inns fined £300,000 after tenant's death >>

Enterprise Inns refinances as income per pub decline slows >>

Enterprise Inns auctions 11 more pubs >>

By Neil Gerrard


E-mail your comments to Neil Gerrard here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk

Caterersearch.com jobs

Looking for a new job? Find your next job here with Caterersearch.com jobs

Blogs on Caterersearch.com

Catch up with more news and gossip on all Caterer's blogs

Newsletters

For the latest hospitality news, sign up for our e-mail newsletters.


Featured video - for more, visit Caterer and Hotelkeeper’s YouTube channel >>

    Caterer and Hotel Keeper Jobs
    Most ReadLatest Articles
    Most ReadMost Viewed Articles
    Related Industry Resources
    Sign up to Caterer and Hotelkeeper
    Mobile Site
    Also on Caterer and HotelKeeper
    Blogs