By James Atkinson
ALE Property Group's consistently strong performance on the ASX has been acknowledged by property investment researchers ahead of a hotly anticipated float by the entity currently known as Redcape Property Group.
ALE Property Group (ALE), the landlord to about 90 pubs leased to the Woolworths-owned ALH Group, was named the Property Investment Research (PIR) "2013 AREIT of the Year".
The award is made annually based on the assessment of listed Australian Real Estate Investment Trusts by PIR, a provider of property funds research and analysis in Australia.
Since listing in 2003, ALE has consistently outperformed the ASX/S&P AREIT 300 index and the All Ordinaries Index. During FY13 ALE delivered an annual total return of 33.2 per cent p.a. compared to the ASX/S&P AREIT 300 index at 24.0 per cent p.a. total return.
Over 10 years since listing in 2003, ALE has outperformed all other AREITs in the ASX/S&P Property 300, delivering a compound annual total return of 21.9 per cent p.a.
ALE managing director Andrew Wilkinson said the PIR Award "recognises a decade of consistent and market leading performance by ALE".
Redcape float tipped for December
The investment gong for ALE comes as media reports today suggest Redcape, landlord to 55 pubs leased to Coles, will float in December under the new identity of Hotel Property Investments.
According to Fairfax, joint advisors Goldman Sachs and JPMorgan will lodge the prospectus on Thursday, November 21, with a listing date of December 12.
Redcape executives could not be contacted prior to publishing.