U.S. hedge fund manager buys U.K. portfolio for £348m

Tavern Propco, a private fund owned by U.S. hedge fund manager Davidson Kempner Capital Management, has bought 370 pubs and commercial properties from Ei Group, the United Kingdom’s largest pub group, for £348 million ($448 million).

The pub company said it will use the money to pay off some of its £2 billion ($3 billion) debt and pay shareholders.

The disposal also allows Ei Group the flexibility to invest in driving growth in its core pub partnerships, managed operations and managed investments divisions, while at the same time identifying properties to rebuild its commercial properties division.