Hotel Property Investments, a pure-play pub portfolio, has sold four assets for $48.6m (in line with book value last-December) to its major tenant Australian Venue Co.

Proceeds will be recycled into a new capex program, including an agreement with Australian Venue Co to invest up to $50m to enhance a number of venues. The broker highlights past capex programs with Australian Venue Co have delivered enhanced rental income.

Morgans raises its target to $3.71 from $3.65. Add.

Sector: Real Estate.

Target price is $3.71.Current Price is $3.29. Difference: $0.42 - (brackets indicate current price is over target). If HPI meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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