The National Investment team has completed on the acquisition of Project Royal for c.£130,000,000 on behalf of Aprirose. The vendor was FTSE-100 property company British Land.
The portfolio comprises of 45 pubs geographically located across England, including Brighton, Twickenham, Balham , Newcastle and Nottingham, with the majority in the North West and South East. They are all let to Spirit (part of Greene King) on separate leases for a further 15.5 years with fixed uplifts.
This is a landmark deal in the Alternatives sector which has been a key target market for the National Investment team. This takes total deal volume to over £200m in long income/alternatives sector over the last 12 months for the team.