Real estate investment company Aprirose has acquired a portfolio of 73 pubs from Mitchells & Butlers.
The portfolio, to be named Milton Pubs and Taverns, includes 65 freehold and eight leasehold properties across the UK and is Aprirose's first management contract undertaken in this sector. Aprirose has appointed pub operator LT Management Services (LTM) to manage the properties.
Tenants within Aprirose's food and drink portfolio include Greene King, Marston's and Punch Taverns. The company disposed of 23 pubs to various institutions this year, including a portfolio of 13 pubs operated by pub company Stonegate. Its real estate portfolio also includes 17 hotels.
Manish Gudka, chief executive at Aprirose, said: "The acquisition of the Milton Pubs and Taverns portfolio from M&B represents an opportunity for us to take a more hands on approach to asset management. We look forward to working with LTM, who are a leading operator in this space."
Phil Urban, chief executive at Mitchells & Butlers, added: "One of our business priorities is to rebalance our estate to deliver greater shareholder value. Disposing of these sites means we are positioned to extract this value and will continue to move forward focusing on our key strategic priorities across our core business. We continue to focus on obtaining the best returns from each of our assets and position our brands to continue to generate greater shareholder value."
Mitchells & Butlers were advised by Savills and Eversheds Sutherland.
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