SA Brain puts 99-pub portfolio on the market for £87.3m
SA Brain & Co has put 99 of its Welsh pubs on the market for offers in excess of £87.3m.
The full portfolio is comprised of 93 freehold and six long leasehold properties and is let to Marston's Estates on 25-year leases. SA Brain exchanged contracts with Marston's last year to operate 145 of its pubs after ongoing coronavirus restrictions placed Brains under significant financial pressure. The group has around 200 pubs in total across Wales and the south-west.
The Caterer reported in July that Brains was looking to sell the freehold of 99 of its pubs.
Real estate advisor Avison Young has been instructed to sell the pub portfolio, which is made up of fully occupied properties in a range of locations in and around Cardiff, Newport and Swansea with clusters also in West, Mid and North Wales. The package is split between managed and tenanted outlets, with a mix of town and city centre, suburban and rural locations.
Peter Constantine, managing director of the Avison Young Leisure team, said: "This is a rare opportunity to acquire a large, high-quality package of public houses located in strong trading positions across Wales. They benefit from a secure income stream let to an excellent covenant. We anticipate significant levels of demand as packages of this quality rarely come to the market."
