The Paddy Power Irish sale and leaseback portfolio has been launched by Savills, which will give investors a chance to buy 14 long-established owner-occupied Paddy Power properties.
The bookie shops are located in Dublin - Upper Baggot Street, Parnell Street, Artane, Cardiffsbridge Road and Finglas Village, Crumlin, Ballymun and Clondalkin - Cork, Drogheda, Maynooth, Thurles and Tralee.
Savills is offering the entire portfolio in one single lot with a guide price of excess €6.3m. It said this equates to a net income yield of 7%.
Paddy Power's parent company, Flutter Entertainment, will take a new lease on each property.
Each lease will be for a term of 15 years with five yearly rent reviews and each lease will provide for a tenant only break option at the expiry of year 10 of the term.
Stephen McCarthy, Head of General Retail Agency at Savills Ireland, said the portfolio offers investors an opportunity to acquire a variety of long-established and well-located Dublin and Cork city centre properties complimented with a host of established suburban and provincial town locations.
He said the portfolio offers the purchaser long term market rent protection underpinned by an exceptional global plc covenant.
