Australian pub landlord Hotel Property valued at $507 million in raised investor group bid
Real estate firm Charter Hall Retail REIT and pension fund Hostplus have bumped up their bid for Australia's Hotel Property Investments (HPI), now valuing the pub landlord at A$755.8 million ($506.6 million). Charter Hall and Hostplus, HPI's top shareholder group with a combined stake of roughly 18%, have raised their offer to A$3.85 per HPI share they do not already own, from A$3.65. "I don't think HPI will take this offer as they are under no pressure to do so, and they will be seeking a premium to the valuation in my opinion," said Brad Smoling, managing director at Smoling Stockbroking.