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Pub operator Ei Group to sell UK property portfolio for £348M

British pub company Ei Group PLC agreed to sell 370 pubs and other commercial properties in the U.K. to Tavern Propco Ltd. for an expected gross sum of £348 million in cash.

The properties are part of the Ei Commercial Properties division, which held 412 properties in 2018.

The deal is expected to be finalized in early March, according to a release. The company plans to use proceeds from the sale to reduce its outstanding debt.

Ei Group had hired Rothschild in July 2018 to explore, among other options, the sale of some or all of its commercial real estate portfolio.