Redcape Hotel Group, the frozen pub fund managed by ASX-listed MA Financial, has sold two Queensland pubs –the Aspley Hotel in Brisbane and The Grove Hotel in Mackay – to privately owned pub and liquor operator Star Group for $28 million.

MA Financial, which reported a 12 per cent drop in underlying revenue, but record inflows of $1.26 billion as part of its half-year update last week, put the two pubs, plus a third (Mackay’s Shamrock Hotel) up for sale this month as part of plans to strengthen its balance sheet after freezing Redcape redemptions until the end of the year.