Japanese bank Nomura International is to buy 988 unbranded pubs from Bass in a £625m cash deal, it emerged yesterday.
The deal brings to an end a four-month battle for the portfolio, with Nomura understood to have seen off competition from rival bidder Legal & General Ventures.
Tim Clarke, chief executive of Bass, said: "The sale of these pubs marks another major step forward in the repositioning of our retail estate towards high return branded restaurants, bars and pubs.''
The deal will make Nomura the biggest pub landlord in the UK, with an estate of about 5,500 pubs.
Guy Hands, managing director of Nomura's Principle Finance Group, which was behind the deal, said: "These Bass pubs give us excellent sites, a well-maintained estate and an experienced management team."
Nomura's bid was understood to have trumped an offer from Legal & General Ventures, believed to be at a value of £620m, although L&GV would not confirm this
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