The sites, RedCat’s first acquisition, are spread across the country with the majority (25) in the south east, 11 in the north of England, two in the Midlands and four in Wales.
The package is a combination of 14 managed pubs and 28 tenanted with half of the managed sites in London.
There are external trading areas at the sites, which is hoped will assist with a strong recovery over the summer.
The deal is expected to complete at the end of May, in time for pubs to trade without restrictions at the proposed date by the Government in June.
Further acquisitions
RedCat is looking to acquire further sites in the retail and tenanted sector. It stated its approach is flexible and size agnostic, meaning it is able to acquire single pubs up to large scale businesses and pub companies.
“The announcement is the first step in our plan to build a differentiated pub company and the acquisition of these pubs gets RedCat off to an excellent start," the investment vehicle's chairman Rooney Anand said.
“This will help us to serve the local community and add value to the neighbourhoods we invest in, as we play our part in rebuilding the sector.
“I want to thank my team for all their hard work over the past few months. I look forward to working with our new colleagues and building an exciting pub company and future.”
Global real estate business CBRE advised Stonegate on the sale of the pubs, in order to satisfy the Competition and Markets Authority (CMA) requirements following its acquisition of Ei Group.
Significant challenge
CBRE operation real estate team pub and leisure specialist Simon M Johnson added: “We are delighted to have advised Stonegate on this most tricky of disposals.
“While the 42 pubs are fantastic trading assets, the stop-start nature of the Covid lockdowns have made this a significant challenge.
“This is the third CMA process in pubs in the past six years, following the acquisition of Spirit by Greene King and Punch by Heineken, and CBRE has advised on all three.
“We understand not only the disposal process but also the tricky competition and suitability requirements of potential buyers.”
