Mitchells and Butlers LSE:MAB - Buy the real estate, get the business for free.

Presently, the UK Restaurant and Nightlife sector has been a mess, with lots of business struggling due to a combination of a weak economy and tax increases. This has kept quite a few stocks down (Look at Greggs and Marston's for example). However, MAB has now reached the point where it becomes particularly appealing. It has a £1.6BN market cap and £1.5BN debt (seems bad perhaps) however, hidden within is a £4.5BN PPE asset sheet, driven by the vast number of properties scattered across the country as most of their restaurants and pubs etc are owned on freehold. As for the business itself, it has remained consistently profitable though it tends to look weak on H2 Reports with the PE presently sitting at around the 9 mark with profits all being funelled into either property acquisitions or paying down debts with no dividends or buybacks. The majority ownership by Odyzean Ltd (4 wealthy individuals who have become less active in business in recent years) I am sure there is something I have missed, so feel free to comment your observations.