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Accor sells its stake in Reef Casino in Australia for AU$85m

February 26, 2014 Corporate No Comments Email Email

As part of its asset management strategy, Accor announces the sale of its participation in the Reef Casino in Australia.

This participation includes a 29% stake in Reef Casino Trust (RCT), a listed entity, as well as its 50% stake in the related businesses of RCT, i.e. Casinos Austria Cairns, and Reef Corporate Service.

Total proceeds for Accor will amount to AU$85m (c. €55.5m).

Reef Casino is a complex located in Cairns (Northern Queensland, Australia), that includes a 128 room Hotel, and a Casino with over 500 gaming machines. The buyer is Aquis, a Hong-Kong based Investment Company.

The agreement is submitted to 90% acceptance for the IPO of RCT, and to regulatory approvals.

 

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