London
CBRE Global Investors completes acquisition of prime London public house portfolio
12 Mar 2018
CBRE Global Investors has completed the acquisition of a portfolio of seven public houses and a restaurant in Central London on behalf of separate account clients for an undisclosed sum.
The portfolio covers approximately 37,463 sq ft and is currently occupied by a number of established national operators, including Ei Group PLC, 333 Estates Ltd and Greene King PLC. The majority of the assets are held on leases of 15 years or more with open market rent reviews.
The properties all have strong trading locations, which include: The Builders Arms in Chelsea, Elgin Bar & Grill in Maida Vale, Red Lion in St James, Uxbridge Arms in Notting Hill, Casa Cruz in Holland Park, Admiral Codrington in Chelsea, Mall Tavern in Notting Hill and Prince of Wales in Covent Garden. Performance within the Central London public house market has been buoyant in recent years, resulting in robust demand for prime assets and healthy rental growth.
Oliver Scoular, Fund Manager, CBRE Global Investors, said: “This represents a rare opportunity to invest in a prime London public house portfolio, which is suitable for a number of our clients. The assets are expected to be long term holds to take advantage of the strength of demand for well-located London public houses and their historic inflation tracking rental characteristics, which we expect to continue in the future. The public houses trade very well and are supported by both strong vacant possession public house values and alternative use values.”
CBRE Global Investors was advised by AG&G and Fleurets. Savills advised the private vendor.
Ends
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $103.2 billion in assets under management* as of December 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
The portfolio covers approximately 37,463 sq ft and is currently occupied by a number of established national operators, including Ei Group PLC, 333 Estates Ltd and Greene King PLC. The majority of the assets are held on leases of 15 years or more with open market rent reviews.
The properties all have strong trading locations, which include: The Builders Arms in Chelsea, Elgin Bar & Grill in Maida Vale, Red Lion in St James, Uxbridge Arms in Notting Hill, Casa Cruz in Holland Park, Admiral Codrington in Chelsea, Mall Tavern in Notting Hill and Prince of Wales in Covent Garden. Performance within the Central London public house market has been buoyant in recent years, resulting in robust demand for prime assets and healthy rental growth.
Oliver Scoular, Fund Manager, CBRE Global Investors, said: “This represents a rare opportunity to invest in a prime London public house portfolio, which is suitable for a number of our clients. The assets are expected to be long term holds to take advantage of the strength of demand for well-located London public houses and their historic inflation tracking rental characteristics, which we expect to continue in the future. The public houses trade very well and are supported by both strong vacant possession public house values and alternative use values.”
CBRE Global Investors was advised by AG&G and Fleurets. Savills advised the private vendor.
Ends
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $103.2 billion in assets under management* as of December 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.