Aviva Investors has sold eight freehold public houses operated by Marston’s to an unnamed buyer for over £20m.
Aviva’s asset management business had owned the assets while the pub operators ran the establishments with guarantees from Marston’s topco.
Advised by global real estate advisor CBRE, the deal includes leases that expire in 2055 and benefit from annual RPI indexation.
Moreover, the terms of the transaction mean that the tenant will also benefit from a £1 buyback option at lease expiry.
David Fraser, senior director and investment specialist, operational real estate at CBRE, said: “We are delighted to have advised Aviva on the sale of this portfolio, which attracted interest from a wide range of investors.
“The sale of this income strip reflects investor confidence in the hospitality investment market recovery following the easing of trading restrictions.”