Hi doubles 08
The tenant of 90 percent of HPI's pubs is a joint venture between Coles and KKR. Coles is cashed up, I'm not sure about KKR. I assume they will try to honour their tenant contracts until they run out of cash. If they run out of cash the joint venture would require a capital injection from Coles/KKR which they may not want to do, but if they don't the joint venture would be in breach of contract. HPI could waive the breach of contract and reduce the rent.
In my view Coles would be reluctant to allow breach of the tenant contracts because they have to operate the pubs to continue operating Coles liquor stores in QLD (unique QLD legilsation). So I don't think a breach would be likely.
HPIs minority tenants (under 10% of revenue) are more likely to require rent reductions in the short term
Hi doubles 08The tenant of 90 percent of HPI's pubs is a joint...
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