Aviva sells eight Marston's pubs for over £20m

CBRE has advised Aviva Investors on the sale of eight freehold pubs across the UK for over £20m.

The properties, all of which are operated by Marston’s, were put on the market in June. CBRE did not disclose the buyer.

The pubs sold include the Market Cross in Dunstable; Flying Shuttle in Haverhill (pictured); Sweet Chestnut in Dunfermline; Three Lights in Fleetwood; Waterwheel in Port Glasgow; White Willow in Bridgwater; Blaina Wharf in Newport; and Featherbed in Shrewsbury.

All leases expire in 2055 and benefit from RPI annual indexation. The tenants have a £1 buyback option at the end of the lease.

David Fraser, senior director and investment specialist, operational real estate, CBRE, said “We are delighted to have advised Aviva on the sale of this portfolio, which attracted interest from a wide range of investors.

“The sale of this income strip reflects investor confidence in the hospitality investment market recovery following the easing of trading restrictions.”