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Super fund completes pubs purchase
HOSTPLUS has completed the purchase of 54 "high quality hospitality assets" housing pubs and bottle shops as part of a $603 million deal with property group, Charter Hall.
Both the industry fund and Charter Hall have committed equity of $151 million each with a $340 million non-recourse debt facility from a syndicate of two banks funding the remainder of the purchase of the 54 properties from Woolworth's ALH subsidiary.
Under the terms of the sale, ALH has agreed to an initial lease term of 20 years, reflecting an initial yield of 6.8 per cent, Charter Hall revealed in a statement last month.
"The triple lease structure and uncapped annual Australian CPI rental increases from the leading retail liquor and pub operator, provides an attractive investment proposition," Charter Hall said.
HOSTPLUS chief executive, David Elia said the deal provided "attractive investment attributes that align with our primary objective of delivering stable returns to our members", when the deal was announced in September.
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