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INGENIA COMMUNITIES GROUP — Capital/Financing Update 2013
Dec 19, 2013
65125_rns_2013-12-19_6a59ab3b-dba5-4274-ba67-cae2b2e7acd6.pdf
Capital/Financing Update
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20 December 2013
Update on MHE acquisition
Highlights:
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Contracts exchanged for Big4 Valley and Wine Country located in Hunter/Newcastle market cluster
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Transaction consideration is $10.5 million and settlement expected in February 2014
Ingenia Communities (ASX: INA) today advises that contracts have been exchanged on the two previously announced manufactured home estate (MHE) acquisitions in Cessnock NSW - Big4 Valley Vineyard Tourist Park (Big4 Valley) and Wine Country Caravan Park (Wine Country).
As announced last month, an option was executed for the two properties acquired from the same vendor. This transaction was executed in one line for a consideration of $10.5 million. These properties, located in Ingenia’s identified Hunter/Newcastle market cluster, will add six permanent homes, 174 tourist cabins and campsites, and development potential for over 85 home/tourist sites.
The combined trailing yield for both parks on in-situ rents is 7.9% with a stabilised yield of 11.7% (a slight improvement from the 11.3% yield as previously announced), and forecast unlevered internal rate of return exceeding 15%, with further upside identified. Settlement for the transaction will now be expected in February 2014.
For further information please contact:
Simon Owen Lenny Chen Chief Executive Officer Investor Relations & Marketing Manager P 02 8263 0501 P 02 8263 0507 M 0412 389 339 M 0415 254 311
About Ingenia Communities Group
Ingenia Communities Group (ASX Code: INA) is a stapled property group comprising Ingenia Communities Holdings Limited (ACN 154 444 925), Ingenia Communities Fund (ASRN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410). The Responsible Entity for each scheme is Ingenia Communities RE Limited (ACN 154 464 990) (AFSL415862).
Ingenia Communities Group is a leading operator, owner and developer of a diversified portfolio of seniors housing communities. It has 55 assets in Australia, comprising over 4,700 units.
Level 5, 151 Castlereagh St, T 1300 132 946 Sydney NSW 2000, Australia E [email protected]