Pub giant Enterprise Inns has pulled out of Scotland with the sale of its 137 pubs north of the border.
Retail & Licensed Properties, a newly formed company from R20, has paid £150m for 183 pubs.
The deal also includes 46 sites from Scottish & Newcastle (S&N) and a subsidiary of the Globe Pub Company.
R20 is the investment vehicle of Robert Tchenguiz, who also owns the Laurel Pub company and Globe.
The acquisition expands R20's leased and tenanted pub portfolio to more than 550 pubs (including Globe).
Robert Tchenguiz said: "This acquisition expands our investment in the leased and tenanted pub sector and strengthens the successful partnership between S&N and R20."
Brewer S&N already manages pubs for Globe as well as supplying them and has taken on the same role at Retail & Licensed Properties.
By Chris Druce
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