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INGENIA COMMUNITIES GROUP — Capital/Financing Update 2015
Sep 28, 2015
65125_rns_2015-09-28_b67d7c6b-984b-4892-927a-8d0244182b90.pdf
Capital/Financing Update
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----- Start of picture text ----- ASX / Media Release----- End of picture text -----
29 September 2015
Ingenia expands Hunter/Newcastle cluster with premier mixed use park
Highlights
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Acquisition of high quality freehold park at Soldiers Point, in the Port Stephens local government area (LGA)
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Well established mixed use park, with DA approved vacant sites providing immediate opportunity for enhanced yield
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Immediately earnings accretive – passing yield in excess of 8% and forecast unlevered IRR of over 12% on acquisition price of $10.5 million
Ingenia Communities Group (ASX: INA) today announced that it has exchanged contracts to acquire BIG4 Soldiers Point, at Soldiers Point, NSW. The 2.8 hectare freehold Park is located in a prime tourism location approximately two and a half hours north of Sydney. The Park is situated within the Group’s established Hunter/Newcastle cluster which will expand to nine communities on completion of the acquisition, offering a mix of permanent sites and tourism accommodation.
Ingenia is acquiring the Park for $10.5 million, on an initial yield of over 8% and a quick pathway to a stabilised yield of at least 9.5% via nine vacant DA approved sites. The purchase price of $10.5 million consists of an initial payment of $9 million and deferred consideration of $1.5 million to be paid in three years time.
Level 5, 151 Castlereagh St, Sydney NSW 2000, Australia
T 1300 132 946 E [email protected]
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Soldiers Point is licensed for 136 sites, including 113 short term and 23 permanent sites, with only 113 of the approved sites currently utilised. The Park is adjacent to the Soldiers Point Bowling Club, providing access to a range of facilities, entertainment and dining options.
Simon Owen, Chief Executive Officer of Ingenia Communities said BIG4 Soldiers Point represents a high quality addition to the Group’s Hunter/Newcastle cluster.
“Since our initial acquisition with the purchase of The Grange in March 2013, we have built a market leading position as we have acquired and developed assets in this attractive market.
“Soldiers Point is a well located, immediately accretive mixed use park with significant redevelopment opportunities and further strengthens Ingenia’s footprint in the attractive Hunter/Newcastle market,” Mr Owen said.
Soldiers Point
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Level 5, 151 Castlereagh St, Sydney NSW 2000, Australia
T 1300 132 946 E [email protected]
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Ingenia’s Hunter/Newcastle Cluster
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----- Start of picture text ----- Big 4 Soldiers PointOne MileWine CountryHunter ValleyThe Grange and Lake MacquarieMannering ParkChain Valley BayEttalong Beach----- End of picture text -----
ENDS
For further information please contact Simon Owen Donna Byrne Chief Executive Officer Group Investor Relations Manager P 02 8263 0501 P 02 8263 0507 M 0412 389 339 M 0401 711 542 [email protected] [email protected]
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).
Level 5, 151 Castlereagh St, T 1300 132 946 Sydney NSW 2000, Australia E [email protected]
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Level 6, 345 George St, Sydney T +61 2 9033 1300 NSW 2000, Australia E [email protected]
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