Keystone Group to Sell Cargo Bar & Lounge

The Keystone Group has announced its intention to sell one of Sydney’s most popular venues. Cargo Bar & Lounge will become the second venue sold by the group this year, following the sale of The Newtown Hotel in February.

The group has said that it has already been approached about the sale.

“As a result of our recent strategic review, the decision was made by the board of The Keystone Group to release some of the significant capital we have invested in the King Street Wharf precinct and to re-invest that capital into new growth opportunities”, Executive Chairman, Richard Facioni said.

Facioni added: “The sale of Newtown showed us there is currently a strong market for well-performing, iconic venues. We have also received recent approaches, both formally and informally, in relation to Cargo, so the board decided now would be an opportune time to explore a sale of the business.”

Cargo was The Keystone Group’s first asset and has been in operation since August 2000. The group has appointed Ray White to conduct the sale.

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