Aspen Group Limited
(ASX:APZ) has bought the Ballina Lakeside Holiday Park in a deal worth $16.5 million.
The company says its Aspen Parks Property fund has exchanged contracts to buy the 227 mixed used site which has 83 permanent and 144 short stay sites.
The property developer says Ballina is well located between Byron Bay and the Gold Coast with both retirees and holiday makers attracted to the location.
The deal will be funded through the company’s entitlement offer from last year with settlement expected prior to the end of the financial year.
Aspen reported a net loss of $18.2 million in the first half of the 2015 financial year.
