Ei Group — formerly Enterprise Inns — has sold 370 pubs to an investment fund, Tavern Propco Ltd, although the deal is subject to shareholder approval. The sale price is around £348m.
Tavern Propco Ltd is a new company owned, through holding companies, by investment funds managed by or advised by New York-based Davidson Kempner Capital Management LP.
Ei Group chief executive, Simon Townsend, said: “The portfolio is comprised of high-quality assets which we believe are best suited to a free-of-tie, rent-only business model.”
Ei Group is looking to concentrate on managed pubs.