Ingenia Communities Group
(ASX:INA) has purchased the Lakeside Lara manufactured home community in Victoria for $16.3 million.
The real estate investment trust announced the acquisition of the development, situated 60 kilometres from Melbourne, as part of a push to establish its presence in Victoria.
Lakeside Lara is an existing operational cluster comprising of 56 completed and sold homes, with an additional 164 development sites with all approvals in place.
Ingenia Communities CEO Simon Owen said the company anticipates Lakeside Lara will make a significant contribution to sales and earnings from the 2016 calendar year.
Ingenia Communities reported a net profit of $25.72 million at June 30.
