ei commercial properties
The Group’s commercial property arm manages a developing portfolio of assets which it leases to third parties on commercial property terms. The portfolio incorporates assets originating from the pub estate, but for which returns are optimised either by converting them to an alternative use (such as a convenience store), or through lease on a commercial free-of-tie basis. Our tenants include household names like Coop, Paddy Power and The Restaurant Group Plc, as well as independent public house and restaurant operators.
We work alongside other business units in evaluating group assets, identifying opportunities to optimise value by bringing assets into our Commercial Property portfolio. While this will often be by granting a lease on a free-of-tie basis, we also add value by obtaining planning consents and deploying development capital where there is opportunity to release the embedded value in properties through development. This includes retail and upper parts schemes, releasing value from the land and buildings adjacent to our pub properties, with income retained. We also develop standalone and residential sites on land that is surplus to pub requirements, which may be sold, with the cash proceeds being recycled by the Group.
ei’s commercial properties Business also provide Asset Management support for our leased & tenanted and managed House businesses.