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Deal to Drive Six Continents Restructure

LONDON-The sale of a pub and office investment in Bromley is further proof of Six Continents' desire to push forward the progress of its demerged Mitchells & Butlers business

By Charlie Jacoby | Updated on May 29, 2003

LONDON-London & Lothian Investments Ltd has purchased the long leasehold of 204-206 High Street, Bromley, Kent, from Mitchells & Butlers plc for £1.175 million ($1.92 million), reflecting an initial yield of 9.2%. The 11,478 sf property has a pub, let to Fuller, Smith & Turner plc, a restaurant and small office suites on the upper floors. King Sturge acted for the purchaser and Colliers CRE for the vendor. will be known as.

This is the latest move in the demerger of M&B from Six Continents. M&B maintains that the de-merger represents the best method of maximising value and choice for its shareholders. The separation will see £700m of capital returned to Six Continents shareholders whilst allowing the management to become more focused on growing the individual businesses. Mitchells & Butlers plans to develop its estate, driving long-term earnings growth and delivering high returns on capital invested. It is also exploring ways of refinancing some of Mitchells & Butlers assets, which could lead to a significant additional return of capital to investors.

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