Metro Bank has completed a deal worth £22m to facilitate the acquisition of a 73-strong portfolio of pubs.
The real estate investment company Aprirose required the finance from the challenger bank to acquire the portfolio from Mitchells and Butlers.
The pubs within the portfolio will be operated under the new pub company banner Milton Pubs and Taverns.
Aprirose has appointed pub operator LT Management Services (LTM) to manage the assets, which include 65 freehold and eight leasehold properties across England, Scotland and Wales.
“The acquisition of the Milton Pubs and Taverns portfolio – with support from Metro Bank – was executed in only 51 days and is indicative of our fast-paced and nimble business, underpinned by our multi-disciplinary team,” said Manish Gudka, CEO at Aprirose.
“Our strong relationship with Metro Bank has assisted our ability to acquire such a strong portfolio for our investors, and we look forward to building on that relationship as we continue to grow our £1.2bn real estate portfolio.”
Metro Bank was advised by law firm Dentons and commercial real estate firm CBRE on the valuation.
“We are delighted to have supported Aprirose with this transaction, which is their first management contract in this sector, adding to their diverse real estate portfolio,” said Matthew Walton, head of hospitality and leisure at Metro Bank.
“We are committed to the hospitality sector and supporting deals of varying size, and look forward to working with both Aprirose and LTM on this and future transactions.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Triodos Bank creates new UK subsidiary company
Triodos Bank UK has been granted a UK banking licence to operate as a subsidiary company...
Al Rayan names new chief financial officer
Al Rayan Bank has appointed Amir Firdaus (pictured above) as its chief financial officer (CFO)...
NatWest launches biometric feature for business payments
NatWest has announced the launch of a new biometric approval feature for all business payments...
Hinckley & Rugby increases LTI multiplier
Hinckley & Rugby Building Society has increased its loan to income (LTI) multiplier across its residential range for applications up to 80% LTV...
Nationwide partners with seven fintechs to support financially squeezed
Nationwide Building Society has selected seven fintech companies to create apps that will increase financial capability...
Metro Bank to open first store in Liverpool
Metro Bank is set to open a new store in Liverpool on Paradise Street...
Investec removes SVR from all new fixed rate mortgages
Investec Private Bank has removed the standard variable rate (SVR) on its two-, three-, four-, five- and 10-year fixed rate product range for all new clients...
Mid-size automotive manufacturers miss out on £25bn in revenues
UK mid-sized automotive manufacturers could be missing out on £25bn in revenues as a result of insufficient access to funding, according to research from Wyelands Bank...
Leek United hires new finance director
Leek United Building Society has named Rob Broadbent (pictured above) as its new finance director...
Handelsbanken posts 7% lending surge
Handelsbanken has revealed in its latest quarterly results that its UK lending increased by 7% to £21.1bn in Q1 2019 compared with the same period last year...
Al Rayan Bank expands Birmingham headquarters
Al Rayan Bank has expanded its operational headquarters in Edgbaston, Birmingham...