Punch Taverns plc today announces that it has agreed to acquire 37 pubs from Greene King for a cash payment of £6.85 million.
The tenanted and leased pubs are located in the South of England and will deepen Punch’s footprint in the region. This acquisition takes the total number of pubs in Punch Taverns’ estate to 4,345 and the number of pubs acquired since August 2001 to 231.
Giles Thorley, Executive Chairman of Punch Taverns, said;
“We are delighted with this addition to our portfolio which will strengthen our position in a key geographic area. This transaction is a further example of our strategy to grow our pub portfolio through selected acquisition and investment. We welcome our new retailers and look forward to working closely with them.”
Deborah Kemp, property and development director, added:
“The majority of these pubs have tremendous investment potential. We will be working with the existing licensees to identify how together we can maximise potential returns through future investment. We are keen to ensure a smooth integration during the changeover period with as little disruption to licensees as possible.”
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