Ingenia snaps up 4th Brisbane property

Company News

by Jessica Amir

Ingenia Communities Group (ASX:INA) has acquired it fourth Brisbane lifestyle community property for $25 million, which is close to a major Westfield shopping centre and the Brisbane CBD.

The real estate investment trust exchanged contracts for the Sheldon Caravan Park, in Eight Mile Plains, Brisbane, in conjunction with a fully underwritten $74 million capital raising.

The group expects settlement will occur at the end of August and the property will be accretive to FY18 earnings.

Ingenia says the accommodation currently offers 241 park owned rental homes and 35 tourist cabins and sites, as well a pool and BBQ area.

Shares in Ingenia Communities Group (ASX:INA) are trading flat at $2.57.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.