Pub acquisition trail heads to Brisbane for the Sydney mate's syndicate, Australian Pub Fund
The Australian Pub Fund owned by best mates John Singlton, Geoff Dixon, Allan Johnston and Mark Carnegie, has snapped up the Elephant Arms Hotel in Brisbane and the Bristol Arms Hotel in Sydney.
Their fund is looking to snap up more than $100 million of hotels as the high-powered trio intend to float a pub fund in the next financial year.
The group has a $150 million portfolio mostly purchased when hotel prices have been longtime lows.
Its daily operational management of all new and existing hotels is being undertaken by Riversdale Group's Paddy Coughlan and Rodney (Ned) Kelly, both who are also major investors.
The hotels include Kinselas, Peakhurst Inn, Unity Hall, the Bellevue, the Toxteth, The Vic at Enmore, the Marlborough, the Como in Sydney and now the Elephant Arms, in Brisbane, and the Bristol Arms.
Geoff Dixon, the APF chairman said the Fund had recently acquired $65 million of new capital to invest and was targeting in excess of $100 million of equity commitments.
Mr Dixon said APF’s strategy would remain securing "good assets in good positions in growth areas and regions with operational upside."
“Up until now we have concentrated entirely on Sydney, but we are expanding to Brisbane and will look at other regions in the future," he said.
