Helix Property Advisors has purchased two prime London leisure portfolios from Blackstone for a total of approx. €49 mln reflecting a net initial yield of £4.14%.
The first portfolio “Portfolio 2”, purchased for £17,350,000 (approx. €24 mln) on behalf of Harmsworth Pension Funds Trustees Limited, comprises eight freehold public houses in prime London locations all let to Enterprise Inns Plc. Totalling 37,449 ft² (3,479 m²), the pubs are let for 35 years from January 2011, providing a current annual income of £761,413, (approx. €1 mln) with RPI increases.
The second portfolio “Portfolio 3”, purchased for £17,630,000 (approx. €24 mln) on behalf of a private client, also comprises eight public houses,totalling 38,538 ft² (3,580 m²) in prime London locations, let to Enterprise Inns Plc on a 35-year lease from January 2011. The current annual rental income is £767,094, (approx. €1 mln) with RPI increases.
Robin Fell, Chief Executive of Helix Property Advisors, comments: “These are exciting acquisitions that will meet strategic investment criteria in both portfolios.”
Source: Helix Property Advisors