Aspen Group Limited
(ASX:APZ) has purchased residential village Four Lanterns Estate in south-west Sydney for $7.4 million.
The property investor says the asset is a fully residential manufactured housing estate located within the Leppington Town Centre.
Four Lanterns Estate has been established for more than 40 years with 102 existing residential sites and a 100 per cent occupancy level.
Aspen advises the acquisition will be immediately earnings accretive and there is development potential to increase the number of residential sites subject to Council approval.
Aspen Group reported a net loss of $81.81 million in the 2014 financial year.
