Punch Taverns buys Scorpio Inns for more than £17m

09 October 2006
Punch Taverns buys Scorpio Inns for more than £17m

Punch Taverns has bought 69 pub freeholds from owner ING Real Estate Income Trust for more then £17m.

The pubs, located principally in Wales, Hertfordshire and South-west England were held under the Scorpio Inns name and operated under a sale-and-lease back arrangement with Punch Taverns.

Punch exercised the first of three options to buy the portfolio last month, buying the freeholds on a third of the boozers for just less than £3m.

Although Punch's third and final option to acquire the remaining Scorpio pubs doesn't mature until October 2016, both parties instead agreed to seal the deal ahead of schedule for £17.55m in total.

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By Chris Druce

E-mail your comments to Chris Druce](mailto:chris.druce@rbi.co.uk?subject=Punch Taverns buys Scorpio Inns for more than £17m) here.

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