- Ingenia Communities Group (INA) acquires additional lifestyle community portfolios for $441 million
- The company has taken over portfolios at several sites including Victoria Point, Hervey Bay and Rochedale
- CEO Simon Owen says the acquisition demonstrates the company’s ability to grow its portfolio
- Shares have been trading at $6.12 each, down 0.49 per cent
Ingenia Communities Group (INA) has acquired additional lifestyle community portfolios for $441 million.
The company has taken over the six asset Seachange portfolio for $270 million. The acquisition reportedly includes two established communities and two partially completed communities among others. The company claims a further 367 development sites have also been given approval at its Victoria Point site. Seachange Hervey Bay awaits approval and has 181 potential development sites.
Ingenia has also purchased a greenfield site in Rochedale, Queensland for $24 million as well as a $37 acquisition of the BIG4 Beacon Resort.
The 7.1 hectare site in Rochedale is 20 minutes south of Brisbane’s CBD with potential for 168 new homes at a median house price of over $1.1 million.
Meanwhile the acquisition of the BIG4 Beacon Resort will reportedly add a further 123 income producing sites.
In addition, settlement of the $110 million Caravan Parks of Australia portfolio, comprising of seven mixed use communities, is reportedly being completed imminently.
The acquisition includes 1406 income-producing sites, including 912 annual/permanent sites which the company said provide a stable cashflow base.
Ingenia Communities Group CEO, Simon Owen said the company is pleased with the rapid development.
“Despite a marked increase in competition for quality communities and development sites, these acquisitions demonstrate our ability to grow the portfolio.”
Shares were trading down 0.49 per cent at $6.12 each at 2:25 pm AEDT.