ASX group sheds mall, pubs via company stake
Fortitudo Group has snapped up five east coast assets from ASX-listed Eumindi Group (EGB) – outlaying $77 million, doubling the value of its book.
In Brisbane, the deal includes the c1855 Plough Inn at South Bank, and, in the north, Aspley Central Tavern and the Aspley Central Shopping Centre.
Gold Coast’s Ashmore Tavern and, in Northern New South Wales, the Courthouse Hotel at Murwillumbah, form the balance of the portfolio.
Fortitudo funded the acquisition through a minority interest stake in EGB; agreed last quarter, it priced shares at $1.55, a 23 per cent premium to the then ($1.26) market.
Prior to the agreement, EGB directors controlled about 43pc of units.
Mall, pub portfolio worth $77m
Fortitudo priced the Plough Inn, Court House and Aspley Central, at $47m last June (story continues below).
The Brisbane based group will add the pubs and mall to a book also with, in Queensland, the QA Hotel at Newfarm, Treetop Tavern in Burleigh, Traders Dukes in Caboolture, the Boathouse on the Gold Coast and Redcliffe’s Ambassador Hotel.
“This landmark transaction is yet another example of the strong momentum we are seeing across south east Queensland where demand for high quality assets remains at an all-time high,” Savills agent Leon Alaban said.
Fortitudo chief executive officer, Andrew Prothero, added “the addition of these asset is expected to be seamless, with the new ownership set to drive continued growth and operational success across the going concern assets”.
EGB is headquartered in Brisbane too.
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