Cerberus acquires more pubs in £170m deal

Cerberus Capital Management, the US private equity owner of Admiral Taverns, has completed the acquisition of a 102-strong portfolio of pubs from Nick Leslau’s Prestbury Holdings, in a deal valued at £170m.

The pubs, which are spread across the UK, are let to Spirit Pub Company and operated under a number of its brands.

The price for the portfolio reflects a yield of sub 9%. CBRE acted for Prestbury on the deal.

The pubs are held on long leases until 2034 and 2044, and have fixed uplifts.

The deal will take the number of pubs under the ownership of Cerberus to c1,200 after it acquired the c1,100-strong Admiral Taverns from Lloyds for c£200m in January last year. Cerberus will keep its new acquisition separate from the Admiral portfolio.

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