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- Ingenia Communities (INA) has agreed to buy BIG4 Beacon Resort, a coastal holiday community
- Upon completion of the acquisition, which spans 3.2 hectares in Queenscliff on the Bellarine Peninsula, Ingenia says it will be the largest owner of holiday parks in Victoria
- Ingenia is paying $37 million in cash for the park and expects to earn a yield of around seven per cent
- Shares in INA are down 0.94 per cent to $6.33
Ingenia Communities (INA) announced today it has entered into an agreement to purchase coastal vacation community BIG4 Beacon Resort.
Upon completion of the acquisition, which spans 3.2 hectares in Queenscliff on the Bellarine Peninsula, Ingenia said it will be the largest owner of holiday parks in Victoria.
At the time of the group’s acquisitions and equity raising announcement on November 1, BIG4 Beacon Resort was one of the unidentified acquisitions under contract.
Ingenia is paying $37 million in cash for the park and expects to earn a yield of around seven per cent. There is potential to add more annual sites and cabins to the resort, increasing the percentage of income earned by long-term sites and cabin lodging.
The 3.2-hectare Park has 23 annual cabins, 31 caravan/camping spots, and 69 vacation villas. The bulk of visitors are from inside Victoria, as the resort is around 100 kilometres southwest of Melbourne and about 30 minutes from Geelong.
BIG4 Beacon Resort, according to Ingenia Communities CEO Simon Owen, represents an iconic holiday park that will increase the group’s presence and profile in Victoria, while a retainer relationship with the vendor will allow Ingenia to capitalise on the proposition created at BIG4 Beacon.
“Opportunities to acquire a holiday community as iconic as Beacon are very rare and we are incredibly proud to be the next owners of what is one of Australia’s top holiday parks,” he said.
“We look forward to working with vendor Lorraine Golightly and her amazing team at Beacon over the months ahead and then with Loraine moving forward to introduce some of the Beacon magic across our market leading portfolio of holiday parks.
“On completion of the acquisition of BIG4 Beacon and the acquisition of Caravan Parks of Australia announced on November 1, Ingenia will be the largest owner of holiday parks in Victoria.”
BIG4 Beacon Resort Owner and Operator Lorraine Golightly said “Beacon has been part of my family for over 50 years and the decision to sell has not been taken lightly”.
“However, over the past few years I have been impressed with the energy and innovation that Ingenia has brought to the sector and I cannot think of a better custodian for Beacon moving forward,” she said.
Shares in INA were down 0.94 per cent to $6.33 at 1:48 pm AEDT.
