Enterprise Inns plc does sale and leaseback of 29 central London pubs

CB Richard Ellis acting for Enterprise Inns is pleased to announce the sale and leaseback of 29 central London pubs to Max Property Group plc for a cash consideration of £42.56m. The properties are let on a 35 year lease with an initial rent of £2.975m per annum.

David Batchelor, Senior Director at CB Richard Ellis and Head of Leisure and Alternative Investments commented: “The demand from institutional investors for well located real estate is well known. This transaction shows that good pubs are an excellent and intelligent alternative to more traditional asset classes and that there is a keen interest among mainstream investors. We anticipate that 2011 will see significant portfolio volume in both the Leisure and Healthcare markets where we specialise.”

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Enterprise Inns Rises After Refinancing Debt

May 11 (Bloomberg) -- Enterprise Inns Plc, the U.K.’s second-biggest pub owner, rose the most since January in London trading after saying it had refinanced bank debt and made a first-half profit.

Enterprise Inns climbed as much as 15 percent. Net income was 82 million pounds ($121.5 million) in the six months ended March 31, from zero pounds a year earlier, the Solihull, England-based company said in a statement today

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Enterprise executive reshuffle poised if refinancing deal goes ahead

Enterprise chief executive could step into the role of chairman and allow chief operating officer Simon Townsend to succeed him if a £1b refinancing deal goes through.

Townsend could succeed Tuppen within the next 18 months, according to reports in the Times today. The paper claimed that changes at senior management level could take place once Enterprise had refinanced.

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Enterprise Inns shifts five of eight London pubs up for auction

Enterprise Inns has sold five of eight London pubs it put up for auction with Cushman Wakefield earlier this week.

Four of the venues were sold at auction, raising a total of £6.7m. A fifth, the Princess of Shoreditch, in Shoreditch, was sold after the auction. The deal was for an undisclosed sum, although the pub had a guide price of £1.35m-£1.45m.

The four pubs to sell at auction were:

•Molly Moggs, Old Compton Street, London: sold for £1.49m (guide price: £1.425m - £1.525m).
•Ealing Park Tavern, London: sold for £1.65m (guide price: £1.55m - £1.65m).
•The Hope, Tottenham Street, London: sold for £1.6m (guide price: £1.55m - £1.65m).
•So-Bar, Fulham Road, London: sold for £1.975m (guide price: £1.9m - £2m).
The three pubs which did not sell were the Halfway House in Barnes (available for £1.125m),
the Three Kings in Clerkenwell (£1.525m), and the Sun in Drury Lane (£1.675m

Enterprise Inns puts more pubs in sale and leaseback auction

Enterprise Inns is hoping to raise more than £12m next month when it sells and leases back another eight London pubs.

The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.

Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.

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Enterprise Inns sells seven pubs in latest sale & leaseback deal

Enterprise Inns today sold seven more of its London pubs via a sale and leaseback arrangement, grossing at least £10.15m in the process.

Six of the pubs were sold through auctioneers Allsop, through whom the pubco sold and leased back 14 pubs late last year.

A seventh pub, the Metropolitan in the West London district of Westbourne Grove, was sold prior to the auction taking place, while an eighth, the Northumberland Arms on King’s Cross Road, also in the capital, was withdrawn from the auction before proceedings got underway.

The latest sales takes Enterprise’s gross sale and leaseback proceeds to more than £35m, while the rental bill from the disposals, including today’s activity, now totals more than £2m.

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Enterprise Inns Prefers Bond Sale Over Rights Offer

Feb. 3 (Bloomberg) -- Enterprise Inns Plc would offer high- yield bonds or sell more pubs before contemplating a rights offering to help repay 1 billion pounds ($1.6 billion) of debt that’s due in May 2011, Chief Executive Officer Ted Tuppen said.

Selling new shares would be a last resort for the U.K.’s second-biggest pub owner, which is “confident” its lenders will refinance all the debt, Tuppen said ahead of its annual meeting with bondholders today. He expects the amount owed to be reduced to about 650 million pounds through asset disposals

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