June 28, 2017 / 9:18 AM / 24 days ago

BRIEF-Moelis Australia updates acquisition of Redcape Hotel Group

1 Min Read

June 28 (Reuters) - Moelis Australia Ltd:

* Acquisition of Redcape Hotel Group & earnings upgrade

* Moelis Australia will invest $40 million in fund as a strategic investment

* ‍Moelis Australia plans a future IPO of fund on ASX​

* Agreed to acquire Redcape Hotel Group for $677 million

* Forecast underlying EBITDA for FY17 would have been $36 million (a 55% increase on prospectus forecast of $23.2 million)

* Expects to have in excess of $2.5 billion of assets under management by 31 December 2017

* Moelis Australia Redcape Hotel Group is forecast to deliver an initial cash yield to investors of 8.75% per annum (paid quarterly)

* ‍Moelis Australia Redcape Hotel anticipates earnings growth of 3% - 5% per annum​ Source text for Eikon: Further company coverage:

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