UK real estate investment firm Aprirose has acquired the 45-site Spirit Pub Company, owned by Greene King, from British Land for £130 million.
British Land is one of the country’s largest property developers, but has sold off more than £2.5bn worth of assets, including individual shops, supermarkets and office blocks, in the past five years, as reported by The Telegraph.
The portfolio of 45 pubs includes properties in Brighton, Middlesbrough, Newcastle, Nottingham and Twickenham, and brings Aprirose’s estate of leased and managed pubs to just under 200.
Aprirose already had 150 other pubs, including 22 Marston’s sites it acquired from shopping centre landlord NewRiver for £15m in January, and 73 sold by Mitchells & Butlers in 2017, in its portfolio.
Manish Gudka, chief executive of Aprirose, said: “In recent years our engagement with the pub industry has increased considerably.
“The acquisition of the British Land pub portfolio is a sign of our growing commitment to this exciting sector. Our investment into the Spirit Pub Company-branded portfolio is testament to our experience and strong track record in this field.
“Against the backdrop of Brexit uncertainty we are finding unique opportunities to acquire interesting assets. The F&B sector is particularly appealing as we seek to build our own bespoke offering.”