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 Bank said: “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.”
Metro Bank was advised by the law firm, Dentons and commercial real estate services and investment firm CBRE, on the valuations.
ENDS
Notes to Editors
For more information, please contact:
Sheena Dave
Metro Bank
020 3427 1468
About Metro Bank
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About Aprirose
For 30 years, Aprirose, the London based real estate investment company, has been delivering consistently high returns across a variety of different sectors and geographic markets. The company has a portfolio of over £1.2bn of commercial and residential real estate under management.
Aprirose’s diverse portfolio, which is larger than that of some of better-known institutions, is managed by a senior, multidisciplinary team. The team has a wealth of experience and knowledge of the cyclical property market and are uniquely positioned to act on areas where they identify potential and advantage. www.aprirose.com
Sheena Dave
Assistant PR Manager
One Southampton Row
London, WC1B 5HA
Direct Line: +44 (0)20 3427 1468
Mobile: +44 (0)7530 588 750
Email: sheena.dave@metrobank.plc.uk