Aspen Group
(ASX:APZ) will pay $10.5 million for the Tomago Van Village just north of Newcastle, NSW.
The property consists of 136 long term sites and 24 short stay sites with development approval for another 24 long term sites.
The village is just 18 kilometres north of the Newcastle CBD and located in the industrial area of Tomago which provides quite a bit of demand for accommodation on the site.
The purchase is to be fully funded from existing cash and will be immediately earnings accretive.
Aspen reported a net loss of $18.22 million in the first half of the 2015 financial year.
