Robert Tchenguiz close to Mitchells & Butlers deal
Robert Tchenguiz, through his investment vehicle R20, is on the verge of completing a £4.5b property joint venture with Mitchells & Butlers (M&B).
The deal would see the sale and lease back of the pub operators property and allow M&B to return up to £1b to shareholders, according to reports in today's Times.
It will see Tchenguiz, who has a 14% stake in M&B after a failed buy-out bid last year, place at least 1,500 pubs and restaurants into a 50-50 joint venture with the pub company.
Technguiz has put M&B under increasing pressure to spin off their property into a real estate investment trust (REIT).
M&B has resisted this, claiming REITs were "as yet insufficiently developed" as recently as May.
Shares in M&B fell by 19.5p this morning to 872p following the news.
Read the full article in The Times here >>
Pub operator Mitchells & Butlers rules out REIT conversion for now >>
Mitchells & Butlers confirms property deal speculation >>
E-mail your comments to Christopher Walton](mailto:christopher.walton@rbi.co.uk?subject=Robert Tchenguiz close to Mitchells & Butlers deal) here.
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