AI assistant
ASPEN GROUP — Capital/Financing Update 2015
Jan 12, 2015
64404_rns_2015-01-12_6948e09d-fa47-4c2e-8e43-2fdad73264d8.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
Aspen Group Limited ABN 50 004 160 927 Aspen Property Trust ARSN 104 807 767
==> picture [198 x 79] intentionally omitted <==
Level 3, Newspaper House 129 St Georges Terrace, Perth Western Australia, 6000
Telephone: 08 9220 8400 Facsimile: 08 9220 8401
Email: [email protected]
MARKET RELEASE
ASX ANNOUNCEMENT 13 January 2015
Residential village acquisition
Aspen Group (ASX:APZ) advises that it has acquired the Four Lanterns Estate, a fully residential manufactured housing estate located in Leppington in south-west Sydney. The purchase price is $7.4 million, which reflects an initial yield of 7.6% (excluding transaction costs).
The property is located within the Leppington Town Centre, part of the major growth corridor in south-western Sydney metropolitan area. The freehold property is located approximately 800 metres from the new Leppington railway station and significant infrastructure is currently being installed in the surrounding area, including the upgrade of the Camden Valley Way to a 4 lane divided carriageway.
Four Lanterns Estate has been established for over 40 years, with 102 existing residential sites, with a 100% occupancy level. There is development potential to increase the number of residential sites subject to Council approval. The property of approximately 3.9 hectares has recently been rezoned to R3 Medium Density residential; this provides very significant potential long term upside optionality. In association with this transaction, Aspen Group has also secured a first right of refusal to acquire an adjacent site of approximately 2.5 hectares, also with R3 zoning.
The acquisition of Four Lanterns Estate is in line with Aspen Group’s strategy to focus on the accommodation sector. It is Aspen Group’s first accommodation property acquisition in the Sydney metropolitan area.
The acquisition will be funded from existing cash holdings of Aspen Group and is immediately earnings accretive.
==> picture [308 x 235] intentionally omitted <==
Diagram 1. Aerial Photo Source: https://au.nearmap.com
Page 1 of 2
==> picture [307 x 237] intentionally omitted <==
Diagram 2. Austral and Leppington North Precinct Indicative Layout Plan Source: Liverpool City Council.
==> picture [314 x 280] intentionally omitted <==
Diagram 3. A Plan for Growing Sydney Source: NSW Department for Planning and Environment - December 2014.
End
For further information please contact: For media enquiries: Clem Salwin David Tasker Chief Executive Officer Professional Public Relations Phone: (+61) 8 9220 8400 Phone: (+61) 8 9388 0944 Email: [email protected] Mobile: (+61) 433 112 936 Email: [email protected]
Page 2 of 2