Geoff Dixon and John Singleton's Pub Fund to list after end of silly season

A pub fund, proposed by wealthy entrepreneurs Geoff Dixon and John Singleton, is unlikely to list until well into the new year and is expected to also include marinas in NSW and Queensland.

Citigroup is working with the backers of The Australian Pub Fund, including investment banker Mark Carnegie, on the forthcoming listing.

"There is not a way in hell it would list before Christmas," said one source close to the deal last night.

The target is to amass about $400 million worth of pubs and marinas, which could help lift the fund into the league of the listed Ardent Leisure Group, which holds marinas in its portfolio.

The group has already acquired 12 pubs but is yet to take possession of its latest purchase, The Exchange pub in Brisbane that it bought for about $34m recently.

Mr Dixon, chairman of Tourism Australia, declined to comment last night while The Australian Pub Fund founder Paddy Coughlan is overseas and was unavailable for comment.

Meanwhile, the group continues to scour NSW and Queensland for more pubs as well as marinas in the lead-up to the listing.

At present it has the Elephant Arms in Brisbane and Kinselas in Sydney, as well as the Bellevue Hotel in Paddington and Kinselas Hotel in Darlinghurst.

Mr Dixon and Mr Singleton are expected to stay as long-term investors, sources said last night.

With The Australian Pub Fund pushed back until next year, attention is likely to turn to Redcape Hotel Group, which is looking at floating some of its 72-strong portfolio.

Redcape, advised by JPMorgan, is looking at spinning out the 40 pubs in Queensland that are leased to retailer Coles.

The main comparable fund, the successful ALE Property Group, owns pubs leased to Woolworths-backed ALH Group.

Source: The Australian, 25 September 2013