Gateway Lifestyle Group
(ASX:GTY) has secured the acquisition of six manufactured home states for a combined consideration of $49.3 million.
The acquisitions include four manufactured home estates in New South Wales, one in Queensland and one in Victoria.
Gateway is undertaking a fully underwritten $120 million equity raising comprising of a $40.2 million institutional placement and $79.8 million 2 for 15 entitlement offer to fund the acquisition and to repay debt to strengthen Gateway’s position to deliver its business plan.
Gateway CEO Trent Ottawa said the acquisitions increase the company’s pipeline of potential sites available for new manufactured homes to 4,157.
Gateway recorded a net profit of $18.28 million at 31 December 2015.
