Highlights
• Strategic Partnership with Sun Communities, Inc (NYSE:SUI), a leading manufactured housing REIT, established to support the acceleration of Ingenia’s business plan through new greenfield developments
• Ingenia and Sun Communities will jointly invest in new greenfield opportunities, providing capital light acceleration of development and rental contract growth
• Placement of 23,176,816 securities to Sun Communities2 at $3.2172 per security, representing a 8.75% premium to 30 day VWAP at 5 November 2018 and resulting in Sun Communities owning 9.99% of issued capital on completion of the Placement
• Placement proceeds will be used by Ingenia to fund the acquisition of two established communities in South East Queensland, accelerate new cabin rollout and provide initial equity funding for the Strategic Partnership
• Provides Ingenia with access to 40 years of sector knowledge in a leading manufactured housing market, supporting Ingenia’s aspiration to become Australia’s leading owner, operator and developer of lifestyle and holiday communities
• Sun Communities, Inc Chairman and Chief Executive Officer, Gary Shiffman, to join the Ingenia Board
• Transaction marginally accretive to FY19 earnings and EPS guidance reaffirmed
Ingenia Communities Group (ASX:INA) (“Ingenia”) today announced it has entered into a partnership with Sun Communities (“Sun”), a leader in the North American Manufactured Housing and Recreational Vehicle (MH and RV) markets.
For further information please download PDF attached:
Download this document
