HPI hotel acquisition and SPP

Hotel Property Investments (HPI) is acquiring another hotel leased to Coles: the Beenleigh Tavern in Eagleby, Brisbane. The price tag of $9.9m offers an initial yield of 7.9% and there are 12 years remaining on the lease. The lease grants HPI annual rent increases based on the CPI (up to a maximum of 3%), with other terms being similar to those of HPI's other properties leased to Coles (see HPI: beer we go again from 5 Mar 14 (Buy - $2.00)). HPI is funding the acquisition with a $25m institutional placement priced at $2.27 per share (already completed) and is...

Hotel Property Investments (HPI) is acquiring another hotel leased to Coles: the Beenleigh Tavern in Eagleby, Brisbane. The price tag of $9.9m offers an initial yield of 7.9% and there are 12 years remaining on the lease. The lease grants HPI annual rent increases based on the CPI (up to a maximum of 3%), with other terms being similar to those of HPI's other properties leased to Coles (see HPI: beer we go again from 5 Mar 14 (Buy - $2.00)).

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