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Portfolio of Premier Inn properties purchased from NFU Mutual for £37.95m

The Knight Frank Investment Management Long Income Property Unit Trust, advised by Gerald Eve, has acquired a portfolio of Whitbread hotels from NFU Mutual for £37.95m, reflecting a net initial yield of 4.4%.

The portfolio comprises four hotels operated under the Premier Inn brand with ancillary food and beverage outlets operated by Beefeater and Brewers Fayre. The properties, in Welwyn Garden City, Gravesend, Liverpool and Norwich offer unexpired lease terms of over 20 years and a combined annual rent roll of £1.79m.

The KFIM Long Income Property Unit Trust was launched in 2016 and has been designed to provide investors with a low risk, consistent, long-income return. All acquisitions are to be securely let for terms in excess of 15 years, mainly benefitting from guaranteed rental growth, with a size range between £3m and £20m. Following the completion of the transaction, KFIM LIPUT holds 48 assets located throughout the UK, across a range of sectors.

Richard Lines, partner at Gerald Eve, said: “This type of portfolio investment is exactly the sort of secure income stream sought by institutional investors in the current climate. We were delighted to provide KFIM with our expert advice on this transaction”.

Whitbread PLC is the UK’s largest hotel and restaurant company. It is a market leader in the budget hotel and restaurant sectors. Its brands include Premier Inn, Beefeater, Brewers Fayre, Table Table and Costa Coffee. Premier Inn is the UK’s leading hotel business, with over 730 hotels and more than 64,000 rooms across the UK.

Knight Frank Investment Management was advised by Gerald Eve; while the vendor, NFU Mutual, was represented by HSM.

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Richard Lines


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