A POPULAR pub has been sold as part of a commercial property portfolio deal.
Custodian REIT sold the 22,286sq ft pub on Palmerston Road, Southsea – The Lord Palmerston – for £1.67m. The pub is let to JD Wetherspoon on a lease expiring in 2040.
This was £0.19m more than its December 31 valuation. It was part of a portfolio acquired by Custodian REIT in August 2014.
The company said it intends to use the proceeds from the disposal to fund acquisitions better aligned to its long-term investment strategy.