Redcape snaps up Maeva pub portfolio, 128 EGMs
Redcape has added four Sunshine Coast pubs and 128 electronic gambling machines to its book via a deal for Maeva Hospitality.
The c$80 million purchase includes the Baringa Tavern, Bli Bli Hotel, Bridgewater Hotel and Parklands.
All recently developed on blocks within shopping centres, combined annual turnover exceeds $63m.
The deal also includes nine associated bottle shops.
Maeva was offered by Queensland hoteliers Scott Armstrong and Richard Deery.
MA Financial managed Redcape today upgraded its distribution guidance.
Following settlement, the fund will hold hospitality assets worth a total c$1.2 billion.
Deal includes 128 EGMs
After a surprise shedding of assets in 2023, Redcape has been restocking, particularly in Queensland where it has spent over $200m since last year (story continues below).
Baringa Tavern, within Stockland’s Aura, contains a bistro, bar and gaming room 25 EGMs.
The Bli Bli Hotel, beside Bli Bli Village, contains 2350 sqm over three floors within a five level building completed in 2019.
It also has 35 EGMs.
The Bridgewater Hotel, with three bars, two dining rooms and a function space, carries 30 EGMs.
The Parklands Tavern (pictured, top) has three function rooms and an indoor and outdoor sports bar.
With a gaming room too, it has 38 EGMs.
HTL Property represented Mr Armstrong and Mr Deery.
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