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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.