Punch Taverns has played down the prospects of converting its property portfolio into a REIT, as chief executive Giles Thorley argued market conditions were not right. Financial Times

The UK’s largest pub landlord has a £7bn property portfolio, but Thorley said the market was 'a little bit too frothy about real estate-type deals'.

Following the sale last month of 869 pubs to Admiral Taverns for £326m, Thorley said Punch's estate was now 'of the highest quality', and expected future acquisitions and disposals to be 'more evolutionary than revolutionary'.