Aspen Group Limited
(ASX:APZ) has added to its existing portfolio in South Australia with the acquisition of Adelaide caravan park.
The company announced the acquisition of the park for a total purchase price of $9.25 million.
The property is located in inner Adelaide, approximately 3 kilometres from the centre of Adelaide CBD. The caravan park consists of 76 total sites across 1.5 hectares.
Aspen Group CEO Clem Salwin noted that the property is already producing a strong cashflow but is set to undergo a renovation programme following settlement.
The acquisition will be funded from existing cash holdings. Settlement is scheduled for mid-October 2015.
Aspen Group reported a net loss of $31.7 million for FY15.
