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Sign in Sign up for a FREE subscriptionNewRiver REIT sells pub business for €260m
NewRiver REIT, a listed REIT on the London stock exchange, has entered an agreement for the sale of the entire issued capital of its pub business, Hawthorn Leisure REIT, for £222.3 million (€260 million/$307 million), to AT Brady Bidco Ltd., or Admiral Taverns.
The company said that proceeds from the disposal of Hawthorn, which comprises 674 leased and tenanted, and operator-managed community pubs, will be used to reduce net debt, significantly strengthen its balance sheet by resetting its loan-to-value ratio to below 40 percent and allow it to recycle proceeds from future disposals into more resilient assets.
