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Highlights
- Charter Hall Retail REIT (CHC) and Hostplus acquire a 90% stake in Hotel Property Investments (HPI).
- HPI owns nearly 60 prime pubs, including popular venues like the Regatta and Crown hotels.
- Charter Hall’s leadership expansion to HPI’s board marks the culmination of a long takeover process.
In a significant corporate move, Charter Hall Retail REIT (ASX:CHC) and Hostplus have announced the compulsory acquisition of Hotel Property Investments (ASX:HPI), marking the end of a takeover battle that began in October last year. The two entities have now obtained a controlling 90% stake in HPI, positioning themselves to take full ownership of the well-established pubs landlord.
The HPI portfolio includes a wide selection of nearly 60 properties, including renowned venues such as the Regatta and Crown hotels in Brisbane, as well as the Gregory Hills Hotel in Sydney’s Campbelltown. These pubs are largely leased on long-term contracts to the Queensland Venue Company, a partnership between Coles Group and Australian Venue Co., two major players in the pub industry. This long-term lease structure provides a strong, consistent income base for the acquiring entities.
This acquisition follows a period of leadership changes at HPI. Last week, HPI’s managing director and CEO John White, along with two board members, resigned, creating a shift in the company's direction. With this transition, Charter Hall will see its managing director and group CEO, David Harrison, join the board of HPI, alongside Charter Hall non-executive director Greg Paramor. This is a strategic move aimed at steering the future operations of HPI as part of the integration process.
Charter Hall has indicated that the compulsory acquisition process is expected to take around six weeks to complete. Once finalized, this acquisition will further solidify Charter Hall’s position in the retail and property sectors, particularly in the pub and hospitality space. With the backing of Hostplus, this acquisition is seen as a major step towards expanding their real estate holdings in the hospitality sector, capitalizing on HPI’s well-positioned portfolio of venues.
Overall, this acquisition signals a new phase for both Charter Hall and Hotel Property Investments, combining resources to drive future growth and solidifying their presence in the Australian pub and hospitality market.
