A group of investors including publican Andrew Lazarus and entrepreneur Stuart King have launched a new $500 million pub fund.
News has emerged that the unlisted Bondi Asset Management (BAM) has begun its portfolio acquisition with Lazarus’ Vauxhall Inn, in Granville. Currently #68 on the OLGR list of top gaming venues, The Australian reports its value at $28 million.
Lazarus will continue to operate his Eastern Hotels Group (EHG), which last year purchased Liverpool’s Macquarie Hotel for $25 million, and Lantern Group’s El Toro, in Warwick Farm, for $23 million.
There is no suggestion yet either of these top gaming venues will also join BAM, but there is the additional possibility of a second BAM fund to be launched in the future by Lazarus and King, and EHG assets may yet find a new home with investors to that vehicle.
Lazarus has recently completed the sale of his troubled Soho nightclub, in Kings Cross, for just north of $10 million. A “well-known property developer” has reportedly taken over the hotelier’s plans to convert the prominent site into a mixed-use residential asset.
King is a former director of Citibank, and senior trader at Westpac. He formed BAM with Lazarus last February.
PubTIC was unable to reach Andrew Lazarus in time for this publication.