Redcape Hotel Group (ASX:RDC) to divest St George Hotel in NSW

Company News

by Rachael Jones

Redcape Hotel Group Management Ltd, as responsible entity of the Redcape Hotel Group (ASX:RDC) has exchanged contracts to divest the St George Hotel, Belmore in NSW for $47.1 million.

This represents a 2.7 per cent premium to the June 2019 independent valuation.

Redcape CEO Dan Brady said: “The Australian pub industry is highly fragmented and has been very active. The sale of the St George Hotel, Belmore is in line with our approach of actively managing the portfolio to maximise returns for our securityholders."

Redcape reaffirms that its guidance for FY20 remains unchanged post settlement of the sale.

Shares in Redcape Hotel Group (ASX:RDC) last traded at $1.07.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.