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.”
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