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News release


Stock Exchange Hotel, Brisbane CBD sold

The Independent Pub Group (IPG) have just sold Brisbane’s iconic Stock Exchange Hotel to the John Singleton and Mark Carnegie led Australian Pub Fund (APF), in what is the biggest Brisbane pub transaction on record at $35 million. The sale, which was negotiated by Jones Lang LaSalle off-market, follows on from APF’s recent acquisition of the Elephant and Arms hotel from IPG for $27 million.

In his third syndicated private equity incarnation, IPG Chief Executive Officer Greg Maitland has now been responsible for over $500 million of hotel transactions nationally and is widely regarded as an industry leader in quality asset selection across all state borders in any economic climate. With cornerstone investors Quadrant Private Equity, Maitland has orchestrated the roll-up of the Metro, Club and IPG national pub groups over the past seven years, at times when other aggregation models have floundered. “Although at a different investment cycle as a vehicle, we have a very high regard for both assets sold to APF, and understand that replacing such strategically located capital city trading footprints is not easily done.”

The 'Stockie' is an institution in Brisbane and occupies a strategic 911 square metre site in central CBD, on the corner of Queen and Edward Street. In the heart of the emerging luxury retail and CBD tower precinct, the sale included 25 gaming machine authorities and the benefit of a late operating licence, with a recently approved DA to add a new third floor outdoor terrace.

Jones Lang LaSalle’s Hotels & Hospitality Group’s, National Director of Pub Investments, John Musca said that “both the 'Elephant' and ‘Stockie’ are exceptional cornerstone assets for any hotel aggregation model, with historically high cash flows and robust underlying property capital values, unique for this asset class.”