Helix Property Advisors has purchased two prime London leisure portfolios from Blackstone for a total of £34,980,000, reflecting a net initial yield of £4.14%.
The first portfolio “Portfolio 2”, purchased for £17,350,000 on behalf of Harmsworth Pension Funds Trustees Limited, comprises eight freehold public houses in prime London locations all let to Enterprise Inns Plc. Totalling 37,449 sq ft (3,479 sq m), the pubs are let for 35 years from January 2011, providing a current annual income of £761,413, with RPI increases.
The second portfolio “Portfolio 3”, purchased for £17,630,000 on behalf of a private client, also comprises eight public houses, totalling 38,538 sq ft (3,580 sq m) in prime London locations, let to Enterprise Inns Plc on a 35-year lease from January 2011. The current annual rental income is £767,094, with RPI increases.
Robin Fell, Chief Executive of Helix Property Advisors, comments: “These are exciting acquisitions that will meet strategic investment criteria in both portfolios.”
CBRE advised Blackstone and Helix Property Advisors was represented by ADS Real Estate Advisors.
