Pub owner and operator Redcape Hotel Group has sold two Sydney pubs but is in talks to acquire $120 million in better-performing hotels, giving some cheering news to its investors after the fund was frozen last year.
The combined proceeds of $73 million from the sale of the two western Sydney pubs will help the unlisted fund pay out what it calls priority redemptions for some of its long-term investors.
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Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com
Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
