NewRiver buys Bravo Inns for £17.9m

Real estate investment trust NewRiver has acquired the 44-strong Bravo Inns pub portfolio for £17.9m.

Bravo Inns owns 44 wet-led community pubs, predominantly in North West England. NewRiver already owns 660 pubs under its Hawthorn Leisure's pub management company.

Mark Davies, chief financial officer of NewRiver and chief executive of Hawthorn Leisure, said: "The UK pub sector has experienced a recent revival in transaction activity and, as an early investor into community pubs, we have been tracking the success of Bravo Inns for some time.

"The transaction will increase our portfolio weighting in community pubs and demonstrates the value of our Hawthorn Leisure platform in identifying acquisitions that can deliver higher yielding sustainable cashflows with scale driven synergies. A further attraction of this acquisition is the quality of the pub estate and the pub partners. We look forward to welcoming Bravo Inns and its pub partners to Hawthorn Leisure."