Marston's sells off £35m of pub and office assets

A portfolio of seven Marston's pubs has been acquired by Legal & General Property (LGP) for £25.32m, in a sale and leaseback purchase.

The deal has taken place alongside LGP's acquisition of Marston's House, Marston's headquarters in Wolverhampton, for £9.3m.

Located in the Midlands and North East, with one in the South West, the pubs will all be let to Marston's on 40-year leases. They have been purpose built for the pub-restaurant chain over the last two years and are all community or destination operations.

Following the two acquisitions, LPI Income Property Fund, which was launched in 2010, now has over £800m worth of assets under management.

Derek Gilby, senior fund manager at Legal & General Property, said: "Marston's is a well-managed and highly experienced pub and brewery company and we are delighted to have completed our third Marston's pub portfolio acquisition, positively increasing our leisure weighting in the fund and diversifying the underlying real estate."

Marston's portfolio of 1,700 pubs includes the Revere Pub Company, Pitcher & Piano and Generous George brands.