The acquisition is the latest in a series of deals within the pub sector by Aprirose whose existing portfolio of leased and managed pubs will increase to just under 200 sites following the purchase of Spirit’s 45-asset portfolio from FTSE-100 property company British Land.
As reported by The Morning Advertiser, Aprirose purchased north-east pub group Wear Inns and its estate of 25 pubs for £22.4m in August 2018 as well as acquiring 73 pubs from Mitchells & Butlers in July 2017.
More recently, the real estate investor sold 15 of its former M&B pubs to pub operator and brewer Marston’s in September.
Spirit Pub Company’s portfolio comprises 45 pubs predominantly found in the north-west and south-east alongside venues in Brighton, Middlesbrough, Newcastle, Nottingham and Twickenham.
The company was acquired by Greene King in 2015 for £774m.
Growing commitment to the pub sector
Discussing the acquisition, Aprirose CEO Manish Gudka explained: “In recent years, our engagement with the pub industry has increased considerably.
“The acquisition of the 45 British Land pub portfolio is a sign of our growing commitment to this exciting sector.
“Our investment into the Spirit Pub Company branded portfolio is testament to our experience and strong track record in this field.
“Against the backdrop of the Brexit uncertainty, we are finding unique opportunities to acquire interesting assets.
“The F&B sector is particularly appealing as we seek to build our own bespoke offering.”
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