Magid Family Outbids Foreign Speculators To Acquire Pubs

By Ian Neubauer

A joint venture by the Magid Family’s TMG Developments and AMCO Capital has triumphed over a field of 11 other local and international bidders to acquire the Harbour Rocks Hotel of Sydney and the Lindrum Hotel of Melbourne.  

“In a highly competitive bidding process where in excess of 200 enquiries resulted in 12 offers, TMG Development and Amco Capital outbid a number of foreign and local investors,” said Jones Lang LaSalle Hotels’ spokesperson, Mark Durran.

“A strong level of interest for the portfolio was received from offshore private companies, boutique funds as well as a large number of local first-time hotel investors.”  

TMG director, Robert Magid, whose portfolio includes the Sebel Pier One in Walsh Bay and a portion of The Cairns International Hotel, said he was delighted with the purchase.

“The Lindrum is a unique deluxe CBD hotel that combines modern design with the classic features of the historical building,” he said of the Melbourne property that boasts 59 guest rooms, restaurant bar and conference facilities. The Harbour Rocks Hotel in Sydney has 55 guest rooms, a boardroom, restaurant, bar and six retail outlets.

The joint venture bought the pubs from Cbus Property, the property investment arm of Industry Superannuation Funds Cbus, which has more than $1.5 billion of assets under management.

[Mon 07/07/2008 03:39:49]