Enterprise Inns raises £5.5m in sale and leaseback auction
Enterprise Inns has sold four of the eight pubs in a sale and leaseback auction hosted today by Allsop, grossing £5.5m.
However three of the pubs did not sell, and one was withdrawn from sale before the auction process began.
The auction is the latest in a strategy by the Solihull-based pubco to tap into what some believe is an improving property market.
When it began such sales last year the group's chief executive Ted Tuppen said prices achieved for such disposals would illustrate that its balance sheet was underpinned by strong asset values.
Proceeds from such sales are being used to help pay off some of the group's debt.
The pubs in the auction were:
The Eight Bells, Fulham. Guide price: £1.35m - £1.45m. Sold for £1.4m with an annual rent of £100,000. Yield: 7.14 per cent
The Princess Alice, Aldgate. Withdrawn
The Victory, Marylebone. Guide price: £1m - £1.1m. Sold for £1.18m with an annual rent of £70,000. Yield: 5.93 per cent
The Fox, City. Guide price: £1.45m - £1.55m. Did not sell; available for £1.55m
The Star & Garter, Soho. Guide price: £1.5m - £1.6m. Did not sell; available for £1.6m
The Duke of York, Clerkenwell. Guide price: £1.45m - £1.55m. Sold for £1.510m with an annual rent of £100,000. Yield: 6.62 per cent
The Shipwright Arms, London Bridge. Guide price: £1.45m - £1.55m. Did not sell; available for £1.55m
The Bree Louise, Euston. Guide price: £1.35m - £1.45m. Sold for £1.42m with an annual rent of £100,000. Yield: 7.0 per cent
