Christie + Co markets 50 lease opportunities for Punch Taverns

28 August 2008

Christie + Co has been instructed by Punch Taverns, the UK’s leading pub company, to market 50 of its managed houses as lease opportunities.

The pubs, which are spread across the UK, are part of Punch Taverns’ 868-strong Spirit Group estate, which is considered one of the best performing managed portfolios in the UK pub sector.

The majority of the pubs are offered on 10 to 15 year tied assignable leases.

Chris Hedges, Special Projects Director at Punch Taverns, said: “As with any pub operator, we constantly review our estate to maximise the potential of our pubs. One of our key strengths is that we have the ability to make sure that we have the right pub in the right place, operating under the best model. As part of business as usual, we have identified circa 50 pubs to transfer from our managed to leased estates.”

Neil Morgan, Christie + Co’s Head of Pubs & Restaurants, said: “We are delighted to offer these exceptional pubs for lease to the market. They represent tremendous opportunities for existing and aspiring retailers to operate quality pubs.”

In January 2006, Punch Taverns instructed Christie + Co to let approximately 650 pubs from within the, at that time, circa 1,800-strong Spirit Group – the best quality houses ever offered on lease in the UK.

Christie + Co successfully undertook the conversion from managed to leased of circa 630 pubs over an 18 month period across four tranches.

To obtain further information about the properties available, please call Neil Morgan on 020 7227 0700 or visit www.christie.com/punchnewlettings.

—Ends—

For further information on this press release, please contact: Mark Wingett at Christie + Co. Tel: 020 7227 0794. mark.wingett@christie.com