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Redcape Property Fund Hotel Sales

Redcape Property Fund (“RPF”) announces that it has exchanged contracts to sell the Mount Creek Tavern on Queensland’s Sunshine Coast for $7.25 million and the Wattle Grove Hotel in Sydney’s west for $8.6 million.Both were sold at or above June 2010 book value. The Wattle Grove Hotel is subject to a right of refusal by the tenant, National Leisure & Gaming (NLG), to acquire the property. NLG has been notified of the agreed sale. Settlement is expected in approximately 90 days, and all proceeds from this sale will be applied to debt reduction. RPF continues to be encouraged by the significant level of interest in its assets as it continues its strategy of reducing its debt and related risk.