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The opportunity - Consolidation & Capital Raising - Harvest Pub Fund 1

Harvest Hotels will be reopening Harvest Pub Fund 1 to eligible and interested investors in October 2023 as part of a $15 million capital raising which will occur concurrently with the consolidation of two of Harvest’s high-performing funds.

The Consolidated Fund will comprise 8 assets including The Courthouse Hotel, Tamworth; Brady’s Railway Hotel, Albury; The Milestone Hotel, Dubbo; The William Farrer Hotel, Wagga Wagga; The Windsor Castle Hotel, East Maitland; The Victoria Hotel, Wagga Wagga, The Northside Hotel, Albury and The Woy Woy Hotel, Woy Woy.

Current Equity Raise

$15m

Proceeds from the Capital Raising to expedite Capital works and execute opportunistic acquisitions.

Target Return ¹

19% IRR

(net of management and performance fees)

Target Cash Yield ¹

6% - 7.5%

Per annum paid quarterly

Fund Size

~$400m

Targeting a portfolio value of ~$400m through an identified acquisition pipeline

IRR calculated after management fees, performance fees and other Fund-related expenses are deducted. Any forward-looking statements are subject to uncertainties and risks that may mean those forecasts made by Harvest are materially different to actual events. There is no guarantee that the Manager will succeed in its investment objectives or that the Harvest Pub Fund will obtain these returns.

The Strategy

01

ACQUIRE

We target pubs in high growth, resilient centres that have the economic scale required to drive a large format iconic pub.

02

IMPROVE

Through focused capital expenditure and operational improvements we target immediate earnings improvements through expanding the product offering to cater for a broader range of customer segments.

03

OPTIMISE

With our institutional grade systems, marketing technology, and bulk purchasing power we target continuous and strong earnings growth.

04

EXIT

We intend to deliver a geographically diverse portfolio of high quality pubs. We are targeting a premium valuation for the portfolio over and above the underlying valuation of the individual assets.

Fund and Investment Manager Overview

Harvest Hotels is an experienced pub operator focused on acquiring, improving and operating pubs in high-growth economic centres.

Since its inception in 2014, Harvest has grown its platform to ~$320m of pub assets across NSW and suburban Adelaide

Harvest is well resourced manager supported by a team of hospitality and financial professionals with an exceptional track record of delivering value to its investors.