Marstons Portfolio

The Asset at a Glance

This acquisition is a perfect match for the fund, enhancing the “long, strong & progressive” income themes whilst offering a meaningful discount relative to comparable investments within the more fashionable sectors of industrial or city centre offices.
Rupert Sheldon, Head of Core REIM
Investment Theme
Long Dated Income
Purchase Date
July 2019
Purchase Price
Fiera Real Estate Long Income Fund
  • 4 high-quality gastro pubs located in affluent towns trading as Pitcher & Piano and Lost & Found
  • The portfolio totals 22,677 sq ft
  • Each asset was leased on a new 35 year FRI term upon completion, by way of a sale-and-leaseback
Purchase Rationale
  • Long progressive income
  • RPI indexed rent reviews
  • Established town centre locations fully underpinned by vacant possession value
  • Pitcher & Piano, 31 Market Place, Hitchin, SG5 1DY
  • The Lost & Found, 516 Ecclesall Road, Sheffield, S11 8PY
  • Pitcher & Piano, Corporation Street, Taunton, TA1 4AJ
  • Pitcher & Piano, 3-5 Church Road, Royal Tunbridge Wells. TN1 1HT