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ING Real Estate Entertainment Fund Demonstrates Value
Thursday September 4, 2008, 9:44 am

Original Announcement: IEF Demonstrates Value

ING Real Estate Entertainment Fund announced it has contracted to sell two Queensland hotels for a total of $7.7m. The pubs are the GPO Hotel in Fortitude Valley, contracted for $4.7m reflecting a passing yield of 5.7%, and O'Dowds Irish Pub in Rockhampton, contracted for $3m reflecting a passing yield of 8.2%. In addition to these sales, the Fund has engaged valuations for the Exchange Hotel in Brisbane, and the Brisbane Hotel in Perth. The Exchange Hotel is currently undergoing a major refurbishment which is scheduled for completion in October 2008.

More information about IEF.AX
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