Harper Macleod has advised Aprirose, the real estate investment company, on the Scottish aspects of a deal to buy a 73-asset pub portfolio from Mitchells & Butlers (M&B).
The deal, reported to be worth £42 million, included 65 freehold and eight lease hold properties located across the UK – 10 of which are in Scotland. It makes Aprirose the eleventh largest managed pub group in the UK.
The Harper Macleod team was led by Philip Sim, an Edinburgh-based Partner in the firm's Real Estate practice..
Aprirose were advised on the rest of the UK aspects of the deal by law firm Penningtons Manches, while Mitchells & Butler was represented by Eversheds Sutherland.
Philip Sim said: " As one of Scotland's leading real estate practices we regularly work with other firms internationally on complex, multi-jurisdictional transactions. This was a significant acquisition in the sector and we were delighted to work with our counterparts across the UK to complete this deal successfully."
The acquisition of the pub portfolio, to be named Milton Pubs and Taverns, was Aprirose’s first management contract undertaken in the sector, with LT Management Services (LTM), which has 1000 pubs, clubs and other assets under management, appointed to manage it.
Manish Gudka, chief executive at Aprirose, said: “The acquisition of the Milton Pubs and Taverns portfolio from M&B represents an opportunity for us to take a more hands on approach to asset management.”