TLT Sells London Pub Portfolio

TLT has completed the sale of 12 freehold pubs for various entities, backed by funds managed by investment manager Downing LLP.

The pubs, which are all located in London villages and suburbs, were sold to Portobello Starboard, an acquisition platform backed by private equity firm Zetland Capital and operated by Portobello Brewery.

Zetland Capital will provide further financial support, as the business looks to grow through acquisitions across London and the south of England.

The sale illustrates the resilience and continued attractiveness of the UK’s leisure, food and drink sector following the pandemic, after TLT’s acquisition of 13 sites for Urban Pubs & Bars last month.

Downing is an investment manager with over 30 years’ experience, £1.5 billion worth of assets under management and thousands of investors, and is a longstanding client of TLT.

TLT advised Downing and the selling entities on the legal aspects of the sale, from negotiating the heads of terms and all key transaction documents to dealing with the transaction structure.

The TLT team was led by corporate partner Alice Gardner, alongside associate Henry Male, solicitor Nav Mesbah and trainee Graeme Macpherson (corporate); legal director Rachel Channer (real estate); and partner Mark Braude and associate Andree Parker (tax).

Martin Robertson, partner at Downing, says: “TLT are known for their extensive experience in leading significant deals in the leisure, food and drink sector, and we have worked with them successfully on many transactions in the past. It was incredibly valuable to work with such a knowledgeable multidisciplinary team and we are delighted with the outcome of this sale.”

Alice Gardner, partner at TLT, says: “It’s great to see such a high level of activity and investment in the UK pubs market, especially since it weathered such a torrential storm during the pandemic. It was a great pleasure to work with Downing on yet another transaction and to help them realise this investment of high quality assets.”