Real estate adviser appointed to sell 8 Marston's pubs for £21.6m
The pubs reported to be up for sale by The Morning Advertiser’s sister title MCA are the Blaina Wharf in Newport, Wales; the Featherbed in Shrewsbury, Shropshire; the Flying Shuttle in Haverhill, Suffolk; the Market Cross in Dunstable, Bedfordshire; the Sweet Chestnut in Dunfermline, Fife; the Three Lights in Fleetwood, Lancashire; the Waterwheel in Port Glasgow; and the White Willow in Bridgwater, Somerset.
According to global real estate adviser CBRE, which is dealing with the sale, the leases are set to expire in 2055 with a tenants buyback option at expiry.
Excellent income strip opportunity
CBRE senior director and investment specialist for operational real estate David Fraser said: “We are delighted to have been instructed by Aviva Investors to market this excellent income strip opportunity.
“The portfolio comprises high-quality real estate that benefits from good underlying fundamentals and a strong return profile, in a sector that we expect to flourish as we continue to come out of the pandemic.”
This follows the Wolverhampton-based pubco reported a £105.5m pre-tax loss in trading update for the half year to 3 April compared to £31.1m recorded in the same period during the previous financial year.
Trading results
Marston’s also revealed its total revenue dropped from £343.3m during the first half of the previous financial year to £55.1m during the most recent period.
However, it reported a net profit of £199.3m against a £28m loss for the same time during the previous financial year thanks to £291m coming from its disposal of the brewing arm into the Carlsberg Marston’s Brewing Company joint venture.
Meanwhile, in March of this year, the company announced CEO Ralph Findlay was set to step down from the role at the end of September.
Findlay has been at the helm of the business for the past two decades, overseeing the joint venture with Carlsberg UK as well as the operation of the SA Brain estate in Wales.
The process to appoint Findlay’s successor is still underway and a further announced is expected in due course.
