Redcape acquires Pig 'N' Whistle Redbank Plains

Redcape acquires Pig 'N' Whistle Redbank Plains

The Redcape Hotel Group (ASX: RDC) is best known for its chain of 32 local pubs, taverns and hotels that stretch the length of Queensland and New South Wales.

It's watering hole portfolio has now grown following the acquisition of the Pig 'N' Whistle Redbank Plains.

Today the Group announced that it has exchanged contracts to buy the Pig 'N' Whistle for $11.5 million before transaction costs.

The venue itself is a popular gaming venue in the high growth Ipswich area and Redbank says its acquisition will be funded from the Group's existing debt facility.

Redcape Hotel CEO Dan Brady says the buyout keeps with the company's strategy to target assets that will deliver the best financial outcomes.

"The acquisition reflects our disciplined approach to driving growth through opportunities that generate strong returns," says Brady.

"While our growth strategy is predominantly focused on freehold assets with alternate land optionality, we also have the appetite to pursue quality value accretive leasehold opportunities that meet our investment criteria and align with our objective of growing and diversifying our earnings."

Brady says the Pig 'N' Whistle will become a key point of exposure to the Ipswich region's projected strong growth.

RDC shares are currently trading at $1.11.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Deliver on sustainable business promises with Modern Group’s WincovER rating
Partner Content
As a business owner, you’ll know that sustainability is a core part of developing...
Modern Group
Advertisement

Related Stories

Ellume plucked out of administration by rapid test competitor for $57m

Ellume plucked out of administration by rapid test competitor for $57m

Brisbane-based rapid COVID-19 test maker Ellume has been plucked ou...

Forrest snaps up renewable energy operator CWP Renewables

Forrest snaps up renewable energy operator CWP Renewables

Australian billionaire Andrew ‘Twiggy’ Forrest’s ...

Rideshare giant Uber books $21m penalty for misleading customers

Rideshare giant Uber books $21m penalty for misleading customers

US rideshare operator Uber has been slogged with $21 million in pec...

Autosports Group to acquire string of QLD car dealerships for $60m

Autosports Group to acquire string of QLD car dealerships for $60m

In a move to bolster its footprint on Australia’s east coast,...