Ingenia to purchase four Lifestyle Parks for $59.2M

Company News

by David Chau

Ingenia Communities Group (ASX:INA) is set to purchase four Lifestyle Parks across NSW and Queensland for $59.2 million.

The company says that three of the Lifestyle Parks are under conditional contract. They are two mixed use parks in Sydney and Queensland, as well as the Ocean Lake Caravan Park in NSW.

A fourth Lifestyle Park, on the NSW coast, is in the advanced stages of negotiations.

Ingenia says this acquisition will be financed via a $60 million Institutional Placement at $2.80 per new security.

Ingenia reported a net profit of $10.78 million at 31 December 2015.


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