Australia - Woolworths' ALH Group in $600 million pubs sell-off

Charter Hall Group, a diversified real estate investment trust, has struck a deal with super fund HOSTPLUS to buy a $603 million portfolio of properties from the Woolworths-owned ALH Group.

Charter Hall Group, a diversified real estate investment trust, has struck a deal with super fund HOSTPLUS to buy a $603 million portfolio of properties from the Woolworths-owned ALH Group.


The deal has been well telegraphed and indicates that Woolworths is keen to follow the trend in property to raise cash, to help reduce debt and expand its core business, via the sale and leaseback of assets. Companies rarely own their properties as it is considered idle cash on the balance sheet.


The portfolio comprises 54 pubs, of which 46 also include a Dan Murphy's and/or BWS retail tenancy, which are predominantly located in metropolitan areas.


The pubs include the Croxton Park Hotel and Manhattan Hotel in Victoria, the Villa Noosa Hotel and Parkwood Tavern in Queensland, the Hyde Park Hotel in Western Australia, and others in Ballina and Coffs Harbour in NSW.


Under the deal, the pubs will be owned by a newly created vehicle, the Long WALE Investment Partnership (LWIP), which is managed and co-owned by Charter Hall and HOSTPLUS.


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