Foster's to Sell and Lease Back 108 Pubs in Australia

The Age - September 20, 2003

Foster's Group will set its pubs and gaming business free with a float this November that could fetch as much as $881 million. The newly listed Australian Leisure and Hospitality will be the nation's biggest pub operator, its third-biggest liquor retailer.

The ALH prospectus released yesterday offers 352.5 million shares, with retail investors able to apply for them at a maximum $2.40 a share from October 1. Institutions will pay between $2 and $2.50.

Foster's also plans to sell units in a separate property trust, the ALE property group that will be listed on the ASX. ALE will own the land and buildings of 105 pubs, which will be leased back to ALH for 25 years initially. Sphere: Related Content