Leading law firm Penningtons Manches has advised real estate investment company Aprirose on the purchase of a portfolio of 73 pubs from Mitchells & Butlers, one of the largest operators of pubs, bars and restaurants in the UK. The new group, to be named Milton Pubs and Taverns, is comprised of locations throughout England, Scotland and Wales.
Aprirose has appointed experienced pub operator LT Management Services to manage the assets. Tenants within Aprirose’s current pub portfolio include Greene King, Marston’s and Punch Taverns.
The Penningtons Manches team provided multi-disciplinary advice on the transaction with Gemma Davis and Melvin Pedro leading on the corporate and financing aspects, supported by Alexandria Dempster; Alison Lewis leading the real estate advice, and Hester Jewitt and Tom Walker advising on the employment aspects.
This was a significant transaction for the Penningtons Manches team, who showcased their ability to pull together their multi-disciplinary team to advise upon heavyweight transactions in the real estate and hospitality sectors.
Manish Gudka, CEO at Aprirose, said: “The acquisition of the Milton Pubs and Taverns portfolio from M&B represents an opportunity for us to take a more hands on approach to asset management. It is a strong investment for our investors, with locations stretching throughout the UK. We continue to find the best assets to add to our diverse £1.2 billion real estate portfolio, and to explore the right opportunities for our investors in today’s market.”
Mitchells & Butlers was represented by Eversheds Sutherland (International).