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The Caterer

London Town to add five pubs to portfolio

23 January 2007 by
London Town to add five pubs to portfolio

Property developer London Town's Inn Investment Ltd unit has struck a deal to buy a portfolio of five freehold pubs predominantly in the West of England for £2.95m excluding costs.

Completion is expected to take place in eight weeks and will be funded using a combination of bank debt and the existing cash resources of the business, the company said.

The pubs are operated by tenants on long-term free of tie leases and currently show a rental yield of approximately 7.5% of the total acquisition cost.

London Town announced its intention to expand as a pub operator last November after completing a deal for 167 pubs from entrepreneur Jack Petchey for £94.6m.

London Town buys London Crown in £15m deal >>

London Town to open provincial Days hotels >>

By Daniel Thomas

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