Redcape Hotel group has revealed that it has added to its portfolio of pubs with the purchase of the Pig ‘N’ Whistle in Redbank Plains, Queensland for a total price of $11.5m, before transaction costs.
Redcape said the deal, which was organised by CBRE Hotels, will be funded from within the group’s existing debt facility, takes Redcape’s portfolio of assets to 33.
Redcape CEO, Dan Brady, said: The acquisition reflects our disciplined approach to driving growth through opportunities that generate strong returns for our Securityholders.
While our growth strategy is predominantly focused on freehold assets with alternate land optionality, we also have the appetite to pursue quality value accretive leasehold opportunities that meet our investment criteria and align with our objective of growing and diversifying our earnings.
“The acquisition will further Redcape’s exposure to the region’s strong projected growth and enable us to positively contribute to Ipswich’s diverse and close-knit community through the provision of jobs, early career training and quality hospitality experiences.”
Redcape described the Pig ‘N’ Whistle as “a quality leasehold operation located in the high-growth LGA of Ipswich” adding that it is a top-ranking Queensland gaming venue with “excellent food and beverage operations”.