The properties – touted upon being listing in May as the single largest gaming portfolio to hit the Victorian market – were offered by the Zagame family, whose Zagame Corporation began in 1971 with the establishment of The Albion Charles Hotel, in the inner north Melbourne suburb of Northcote.
With any disposal, the Zagame family is out of the gaming business.
The family, whose patriarch Victor Zagame died last October aged 77, still retains commercial properties, restaurants and hotels. Zagame Corporation is now directed by his sons, Robert Anthony and Victor Junior.
The five pub assets – freeholds which generate some $94 million per annum in revenue from 490 gaming machines – include:
A deal to Moelis was first mooted in The Australian in August. The KKR-backed Australian Venue Co was also in the mix of prospective suitors, the outlet reported in this item.
Sources have recently suggested to realestatesource.com.au that an announcement about any deal may be made shortly.
The assets were offered individually or as a $300 million portfolio including a sixth offering – the Grand Hotel & Casino Resort in Vanuatu which offers 136 gaming machines and 16 gambling tables.