Woolworths' hospitality arm ALH Group signed long-term leases and acquired the businesses and associated assets of 31 hotels and one detached bottleshop in NSW from these groups.
The deal more than doubled the number of pubs under Woolworths' control from 27 to 58. It also cemented its position as the country's biggest owner-operator of poker machines, lifting the number of machines under its control to 13,480.
The Laundy Hotel Group would take over the freeholds of the properties.
ALH spokesman David Curry would not disclose further details beyond the group's four-paragraph statement.
ALH chief executive Bruce Mathieson Jr said the hotels had the capacity to achieve good trading growth. And the company would inject capital into the acquired businesses.
Asked if the sale was conditional on approval from the Australian Competition & Consumer Commission, Mr Curry said the corporate watchdog had been advised of the transaction.
Meanwhile, the Morgan Stanley-controlled Investa Property Group put its final stamp on the listed Investa Office Fund by appointing Toby Phelps fund manager yesterday. Investa took over management of the fund last April.
Investa chairman Scott MacDonald described Mr Phelps as "a star among the stars" in global real estate. He said IOF needed a dynamic person to drive it.
Source:: The Australian