Listed pub group Redcape has capped off a busy year with another acquisition only weeks after it paid a record $100 million for the popular Beach Hotel in Byron Bay on the NSW coast.
In a two-pronged deal, Redcape raised $51 million from the sale of the top 30 gaming venue, the Royal Hotel in Granville in Sydney’s west to a private consortium, while also buying the Kings Head Tavern in Hurstville for $27 million.
The sale of the Royal Hotel was a 6.25 per cent premium on the book value.
It marks the end of a year when close to $1 billion worth of pubs have changed hands. While the Byron Bay Beach deal set a high bar, the private Iris Capital kicked off the deals, paying $65 million in May for the Steyne hotel in Manly on Sydney’s northern beaches.