The newly-llisted Redcape has snapped up the lease on Mantle Group’s Pig N’ Whistle operation at Redbank Plains for $11.5 million.
Redbank Plains’ Pig N’ Whistle is one of five locations in a chain under Mantle Group Hospitality (MGH), along with Brisbane, Fortitude Valley, Indooroopilly and Riverside.
Redcape Hotel Group (ASX: RDC) has been somewhat quiet since hitting the ASX last November, showing growth in its 1H19 announcement in February on the back of acquisitions before the listing.
The new financial year purchase brings in a top-ranking Queensland gaming venue with a strong f&b operation, to be funded from the Group’s existing debt facility.
RDC disclosed to PubTIC it will rebrand the Pig N’ Whistle to the Eden Brewhouse.
This brings the portfolio to 33 venues, and RDC CEO Dan Brady says it reflects the company’s disciplined approach to growth in pursuit of strong returns for securityholders.
“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.
“The acquisition will further Redcape’s exposure to the region’s strong projected growth and enable us to positively contribute to Ipswich’s diverse and close-knit community through the provision of jobs, early career training, and quality hospitality experiences.”
The Redbank Plains Pig ‘N’ Whistle occupies a prominent 1,350sqm corner site within the Town Square Shopping Centre, around 37 kilometres south-west of the Brisbane CBD, in the high-growth LGA of Ipswich.
It boasts a main bar, sports lounge, large bistro area, multiple function spaces, gaming room with 41 authorities, and an expansive outdoor area.
Having opened the pub in 2017, MGH engaged CBRE Hotels director Paul Fraser to manage its off-market sale, as the group looks to “direct its focus” back to its large-format f&b venues in the CBD.
“MGH is thrilled with what we have achieved in two years at Redbank Plains, with the design, construction, delivery and operation of a very successful pub,” explains MD Godfrey Mantle.
“Similarly, working within a thriving local community certainly aided in building a successful business, which will service the region for years to come.”
RDC’s share price closed today up 7.2 per cent since launch at the end of last year.
