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
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...