Metro Bank, the revolution in British banking, has provided real estate investment company Aprirose with £22 million in funding to facilitate the acquisition of a 73-strong portfolio of pubs from Mitchells and Butlers.
The new debt facility provided by Metro Bank has supported Aprirose with the purchase of the portfolio to be operated under a new pub company banner, Milton Pubs and Taverns. Aprirose has appointed pub-operator LT Management Services (LTM) to manage the assets, which include 65 freehold and eight leasehold properties across England, Scotland and Wales.
Manish Gudka, CEO at Aprirose, said: “The acquisition of the Milton Pubs and Taverns portfolio, with support from Metro Bank, was executed in only 51 days and is indicative of our fast-paced and nimble business, underpinned by our multi-disciplinary team. Our strong relationship with Metro Bank has assisted our ability to acquire such a strong portfolio for our investors, and we look forward to building on that relationship as we continue to grow our £1.2 billion real estate portfolio.”
Matthew Walton, Head of Hospitality & Leisure at Metro Banksaid: “We are delighted to have supported Aprirose with this transaction, which is their first management contract in this sector adding to their diverse real estate portfolio. We are committed to the hospitality sector and supporting deals of varying size, and look forward to working with both Aprirose and LTM on this and future transactions.”
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Metro Bank was advised by the law firm, Dentons and commercial real estate services and investment firm CBRE, on the valuations.