Ingenia Communities Group (INA) today announced that, following completion of due diligence enquiries and final Board approval, unconditional contracts have been exchanged for two of the acquisitions announced as part of the Group’s capital raising in June 2016. The acquisitions are expected to be complete in October.
The Avina Van Village (previously known as Confidential Park Sydney), is being acquired for $33 million. One of the last family owned freehold caravan parks in Sydney, it represents a transformational opportunity for Ingenia, further strengthening the Group’s position in the tightly held Sydney market. With an existing 180 income producing sites and potential to develop ~150 new homes on land acquired with the existing community, Avina Van Village provides the opportunity for strong growth in returns through active asset management and development.
Ingenia also has an option over an additional four hectares of land capable of supporting a further 95 new homes. This option expires in three years and has an exercise price of $6.6 million.
The Happy Wanderer Caravan Park (previously Confidential Park Fraser Coast) is a mixeduse park with 149 permanent and short-term sites located in Hervey Bay on the Queensland Fraser Coast. The community establishes a new cluster in a strong tourism and retiree location with opportunities to enhance returns.
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