ING Real Estate Entertainment Fund has bought the licensed freehold interest to Perth's trendiest local, paying $15.3 million for the Brisbane Hotel.
Located at
IEF has acquired the hotel in conjunction with its existing operator, Geoff Hayward, who will continue to operate the hotel on a new lease agreement with IEF.
IEF’s chief executive Daniel Hargraves said the Brisbane Hotel provides a unique opportunity to acquire an exceptional hotel with a highly successful operator, and establish a presence in the
The hotel was refurbished and relaunched in 2004 and has won the ‘Hotel of the Year’ award for both 2005 and 2006 at the Australian Bar Awards.
“This acquisition highlights IEF’s focus on investment fundamentals such as sustainable income- based returns, portfolio diversification and appropriate risk adjusted yields which maximise investment value for our unitholders,” he added.
The acquisition will be partly funded through a Unit Purchase Plan. Existing unitholders will be invited to subscribe for parcels of either 2,016 units ($2,500) or 4,032 units ($5,000) at an issue price of $1.24 per unit.
The new units will rank equally with existing IEF units, including an entitlement to the full December 2007 half year distribution.
Australian Property Journal
