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Ingenia Communities Group Acquires Two New Communities

02/22/2021 | 05:07pm
Ingenia Communities Group announced further expansion of the Group's lifestyle and holidays business with the acquisition of a premium lifestyle community and a mixed-use holiday resort located in Queensland. The acquisitions deliver on the Group's growth strategy as Ingenia deploys the $178 million of capital raised in May 2020 to expand the lifestyle and holidays business. Ingenia has entered into an unconditional contract to acquire one of Australia's premium lifestyle communities, located on the Queensland Sunshine Coast. The acquisition is expected to settle late March 2021. Situated on nineteen landscaped hectares, the community is well located and is a short drive to coastal towns including Maroochydore. Further amenity is planned through the development of the Forest Glen Shopping Precinct which will include more than 15,000 sqm of mixed retail, commercial and industrial space. Community facilities include an indoor swimming pool, expansive community centre with cinema, bar, dining area and billiard tables, bowling green and tennis court. Ingenia has entered into a contract to acquire a mixed-use holiday park consisting of cabins, sites and long-term rentals, in Townsville. Conveniently located off the Bruce Highway on 6.4 hectares of land, the Park is on the popular drive route from Brisbane to Cairns. Holiday accommodation includes 22 cabins, 26 ensuite sites and 55 powered and unpowered sites, with approval in place for a further 5 cabins. The majority of cabins are new or have recently been refurbished. In addition, the capacity for 55 long-term rentals provides a consistent rent base, underpinning revenue from the Park.
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