The names of the seven Enterprise Inns pubs in London to be sold at a Cushman & Wakefield auction in December have been unveiled.
Enterprise Inns is selling the freeholds of 14 pubs at public auctions next month subject to the creation of a 35-year lease in its favour.
The two auctions are set to raise upwards of £20m with the second auction's guide prices suggesting just over £10m could be raised.
The seven pubs to be sold on 14 December by Cushman & Wakefield are:
• The Crown & Anchor, Covent Garden, London (Enterprise is offering to pay a rent of £150,000 with a guide price of between £2,200,000 amd £2,250,000)
• The Cock & Bottle, Bayswater, London (Enterprise is offering to pay a rent of £100,000 per annum with a guide proice of £1,425,00 to £1,450,000)
• The Henry Holland, Duke Street, London (Enterprise is offering a rent of £135,000 with a guide price of £1,925,00 to £1,950,000)
• The Prince of Wales, Pimlico. London (Enterprise is offering a rent of £100,000 with a guide price of £1,375,000 to £1,400,000)
• The Exmouth Arms, Euston, London (Enterprise is offering a rent of £80,000 per annum with a guide price of £1,100,000 to £1,125,000)
• The Grove Tavern, Hammersmith, London (Enterprise is offering a rent of £80,000 with a guide price of £1,125,000 to £1,150,000)
• The Cockpit, Blackfriars, City of London (Enterprise is offering a rent of £85,000 per annum with no guie price although a figure in excess of £1,200,000 is likely).
Last week, Enterprise Inns boss Ted Tuppen stated that the company plans a "step-by-step" approach to selling pub freeholds at public auctions.
The company sold five pubs on a sale-and-leaseback at an auction last month, raising more than £13m.
Enterprise thinks it could raise up to £200m at public auctions while only adding £14m to rental obligations on top of the existing £2.6m rental obligation from 181 short leasehold pubs.
Tuppen told City analysts: "I don't think we're selling them — it's a fine distinction, but we're keeping 15 to 20% of the income stream."
He said the next batch of pubs to be auctioned are a "similar geography" to the first group but had lower rents and therefore would fetch lower prices.
He indicated Enterprise was taking advantage of a relatively small window in the market where interest rates for savers are low.
Tuppen said Enterprise might have 200 pubs in London where an auction route to raise cash was applicable, but it was likely it would only sell 100 or so pubs through auction if this market remained strong.
Enterprise has 1,100 pubs within the M25. This group has shown most resilient trading with like-for-likes down 3% compared to 11% in the north.