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ASPEN GROUP — Capital/Financing Update 2015
Aug 2, 2015
64404_rns_2015-08-02_57bde751-01f0-49b2-ab1a-3616ef0854da.pdf
Capital/Financing Update
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Aspen Group Limited ABN 50 004 160 927 Aspen Property Trust ARSN 104 807 767 Level 18, 9 Hunter Street Sydney NSW 2000 Telephone: 02 9151 7500 Facsimile: 02 9151 7599 Email: [email protected]
MARKET RELEASE
ASX ANNOUNCEMENT 3 August 2015
Acquisition of Tomago Van Village
Aspen Group (ASX:APZ) advises that it has exchanged contracts for the acquisition of Tomago Van Village, located in Tomago, NSW. The purchase price is $10.5 million, which reflects an initial yield of 9.3% (excluding transaction costs).
The property has 160 sites, 136 of which are licenced for long-term utilisation, with the balance being short-stay sites. There is an existing development consent for a further 24 long term sites.
Tomago is located in metropolitan Newcastle, approximately 18 kilometres from the Newcastle CBD. It is adjacent to the Tomago Industrial area, a substantial source of demand for accommodation at the property. It is also in close proximity to Newcastle airport and Kooragang Island.
The acquisition is in line with Aspen Group’s strategy to focus on the accommodation sector. It will be funded from existing cash holdings of Aspen Group and be immediately accretive to earnings. Settlement is scheduled for mid-August 2015.
Location map
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Source: Google maps
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For further information please contact: For media enquiries: Clem Salwin David Tasker Chief Executive Officer Professional Public Relations Phone: (+61) 2 9151 7500 Phone: (+61) 8 9388 0944 Email: [email protected] Mobile: (+61) 433 112 936 Email: [email protected]