Slots giant Endeavor squanders $ 40 million on inaugural deal at Sydney pub
The Endeavor group, the recently listed slot and pub behemoth, made its first foray into Sydney’s lucrative pub market after joining the Charter Hall ownership group to pounce on the sprawling Terrey Hills Tavern on the North Beaches. from Sydney for $ 40 million.
The sale will be a bonanza for the Sydney-based Feros family, who bought the 1.6-hectare mega-property at 2 Aumuna Road in 2008 for $ 13.5 million.
Under the sale, Endeavor, which has Melbourne pub baron Bruce Mathieson as its main shareholder, will take over the lease that includes some 20 poker machines, while Charter Hall, through its managed fund, will acquire the absolute dominance.
It is Sydney’s first acquisition in 15 years by pub operator ALH, which merged with the Woolworths-backed Endeavor Group last year. Endeavor subsequently parted ways with Woolworths on a public float last month, with Mathieson holding a 14.6 percent stake.
An Endeavor spokesperson said that the purchase of the pub fitted well with the company’s broad portfolio and that the company would continue to provide “great service” to the local community.
“Endeavor Group is pleased to welcome Terrey Hills Tavern to the group and find it a perfect fit with our portfolio, adding to our hotel and retail networks,” the spokesperson said.
Endeavor’s move comes just weeks after it split from Woolworths in a $ 10 billion spin-off that instantly turned the business into the nation’s largest beverage retailer and pub operator.
It’s also a quick follow-up to Endeavor’s promise to increase its level of investment on the pub side of its business, with CEO Steve Donohue saying Age Y The Sydney Morning Herald at the time the segment had been largely neglected under Woolworths ownership.
“We aspire not only to improve our existing hotels, but also to improve [our network] in a very considerate and disciplined way, ”he said. “We are confident in our ability to incorporate several new hotels.”
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