The eagerness of private investors and publicans to pay sky-high prices for pubs in the face of rising interest rates helped add another $171 million to the portfolio value of Australia’s sole listed landlord, Hotel Property Investments, over the previous financial year.

The trust, which partners with private-equity backed operator Australian Venue Co and Coles-backed Queensland Venue Co on the majority of its 62 investments, grew its portfolio by $344 million over the 2022 financial year to $1.3 billion.