Pub club's heady rise
The John Singleton-backed Australian Pub Fund has boosted the value of its portfolio of pubs to more than $180 million in the lead-up to a public listing, scheduled for the first half of 2014.
The acquisitions come as the pub industry returns to profitability after a tough few years.
Major listed companies, including Coles and Woolworths and landlord ALE Property, have all increased their exposure to the sector through direct purchases or joint ventures with large private operators.
The investments in the first few pubs were made by the Riversdale Group, co-founded by Paddy Coughlan and Andrew Kelly.
It is now backed by key shareholders, investment banker Mark Carnegie, adman John Singleton, former Qantas boss Geoff Dixon and property developer Allan Johnston.
The latest deal was for the Stock Exchange Hotel in Brisbane's central business district, worth about $34 million. It follows the deal for the Elephant Arms in Brisbane for $27 million earlier this year.
Both deals were brokered by Jones Lang LaSalle and bring the portfolio to 11 in Sydney and Brisbane.