Here is the summary of our portfolio; 86 properties spread out throughout the five capital cities of Australia. All 86 of them on long term leases to ALH.
Who are ALH? They are Australia’s leading pub operator. And they own the licences as well as certain development rights over the properties. We own around one square kilometer of land and I’ll show you in a moment a picture of what that looks like. 25% of that land is occupied by pub buildings. Yes you need car parking around the pub buildings, but there is significant spare land as well.
As you’ll see from the map there is significant concentration in Melbourne and Brisbane and that is a function of our history. Just briefly, ALE was floated out of Fosters in 2003. They had both a property business, and an operating business. We acquired the properties and ALH, the tenant acquired the businesses.
The leases run for a further 12 years and a further 40 years after that. ALH has the option to extend that lease and therefore the rental income will go to ALE as the landlord.