NewRiver buys Bravo Inns for £18m
Real estate investment trust NewRiver said it had bought community pub company Bravo Inns for £17.9m.
The transaction was expected to generate annualised outlet core earnings of £2.6m, equating to a yield on cost of 14%, excluding synergies of £0.3m as Bravo moves into NewRiver's Hawthorn Leisure pub portfolio.
“The transaction will be accretive to underlying funds from operations and will further increase dividend cover, which is the company's key priority,” the company said on Tuesday.
Bravo owns 44 wet-led community pubs, mainly in North West England.
"The Bravo Inns management have established a high-quality, well-managed and well-invested operator managed portfolio which complements Hawthorn Leisure's existing 660 community pub portfolio," NewRiver said.