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Whitbread Agrees £36 Million Sale & Leaseback
24/12/2009
Whitbread, the UK's largest hotel and restaurant group, announces today that it has exchanged agreements with M&G Investments for the sale and leaseback of five properties operating as Premier Inn and adjacent restaurants.
On completion, which is expected in January 2010, M&G Investments will pay £36.65 million in cash for the properties and enter into 25 year leases with Whitbread, who will continue to operate the properties. This represents a net initial yield of around 5.5%.
Whitbread remains committed to having a predominantly freehold asset base, while selectively using its property as an alternative source of funding for its pipeline of new developments.
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For more information please contact:
Investor Relations
Christopher Rogers, Whitbread PLC +44 (0) 20 7806 5491
Press Contacts
Tabitha Aldrich-Smith, Whitbread PLC +44 (0) 1582 84 4439
David Allchurch, Tulchan +44 (0) 20 7353 4200
For photographs and video please visit our media library on http://www.whitbreadimages.co.uk/
Notes to Editors Whitbread PLC is the UK's largest hotel and restaurant group operating market-leading businesses in the budget hotels and restaurant sectors. Its well-loved brands are Premier Inn, Beefeater, Brewers Fayre, Table Table, Taybarns and Costa Coffee.
Whitbread PLC employs over 33,000 people and serves 9 million customers every month in its 1,900 outlets across the UK.
In the financial year ended 27th August 2009, Whitbread PLC reported a 3.1% increase in Group Revenue to £703.3 million and Underlying Profit before tax of £118.2 million down 2.7%.
Whitbread PLC is listed on the London Stock Exchange. It is also a member of the FTSE4Good Index.
About Premier Inn:
Award winning Premier Inn, is the UK's biggest and fastest-growing hotel brand with 584 budget hotels and more than 40,000 rooms across the UK. Rooms are available from just £29. Premier Inn bedrooms feature an en-suite bathroom, TV, and internet access for business guests. Premier Inn offers customers a ‘Good Night Guarantee' of a good quality room, comfortable surroundings and friendly service, which is unique amongst Britain's leading hotel chains.
Premier Inn was the first Britain-wide hotel group to sign up with national tourist board VisitBritain; this means Premier Inn is now part of a new quality assessment scheme, specially created for budget accommodation.
In 2008 Premier Inn launched in Dubai and opens in India this month. On a domestic front, Premier Inn is set to be the largest provider of budget hotels in London by the 2012 Olympics.
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