January 11, 2019 / 7:40 AM / 6 months ago

Britain's Ei Group to divest some properties for $443.7 mln

Jan 11 (Reuters) - Britain’s largest pub owner Ei Group Plc said on Friday it has entered into agreements to sell 370 commercial properties for 348 million pounds ($443.7 million).

Ei Group, formerly known as Enterprise Inns Plc, will sell the properties to Tavern Propco Ltd to reduce its debt and consider returns to shareholders, the company said.

The firm appointed Rothschild & Co in September to explore options including a full or partial sale of its commercial properties business.

Ei, like many UK landlords, has been battling higher costs from wage inflation, rising property prices and a Brexit-spurred fall in the pound. ($1 = 0.7843 pounds) (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Shounak Dasgupta)

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