The acquisition of the portfolio – to be named Milton Pubs and Taverns – includes 65 freehold and eight leasehold properties located across England, Wales and Scotland.

This will be Aprirose’s first management contract undertaken in this sector and it has appointed experienced pub operator LT Management Services (LTM) to manage the assets.

“The acquisition of the Milton Pubs and Taverns portfolio from M&B represents an opportunity for us to take a more hands-on approach to asset management,” said Manish Gudka, CEO at Aprirose.

“We look forward to working with LTM, who are a leading operator in this space.”

It is claimed that the acquisition of the 73 assets will make Aprirose the 11th largest managed pub group in the UK with tenants including Greene King and Punch Taverns.

“Following the disposal of 23 pubs to various institutions at the beginning of this year, we are pleased to confirm our commitment to such an interesting sector,” added Manish.

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“As pubco’s seek to rationalise their portfolios in the evolving [food and beverage] sector, it presents an opportunity for us to create a more bespoke offering and to drive returns for our investors.

“We continue to find the best assets to add to our diverse £1.2bn real estate portfolio, and to explore the right opportunities for our investors in today’s post-referendum market.”

Mitchells & Butlers was advised by Savills who acted jointly with Eversheds Sutherland.

“One of our business priorities is to rebalance our estate to deliver greater shareholder value,” said Phil Urban, CEO at Mitchells & Butlers.

“Disposing of these sites means we are positioned to extract this value and will continue to move forward focusing on our key strategic priorities across our core business.  

“We continue to focus on obtaining the best returns from each of our assets and position our brands to continue to generate greater shareholder value.”