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.