Redcape Hotel Group (ASX: RDC) has provided update on operating performance, acquisition and divestment. Due to strong performance of the business, RDC has reaffirmed distributable earnings guidance for FY20.
- Contracts are in place to divest a hotel in Sydney for $51 million, equating to a 6.25 per cent premium to book value.
- RDC is set to acquire Kings Head Tavern and South Hurstville for $27 million.
- Subject to customary condition, the completion of both transactions is expected to be completed by March 2020.
By 1:59 AEDT, RDC was trading at $1.115, up by 0.45 per cent from the previous close.
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