Residential village company, Gateway Lifestyle (ASX:GTY) has announced the acquisition of two residential land lease communities in one of South Australia’s largest retirement markets.
The total consideration for the transaction is $45 million dollars.
The purchase will be predominantly funded from the existing syndicated debt facility, and, the company doesn’t expect the purchase to affect its guidance for the 2018 financial year.
The company says the deal establishes Gateway as one of the largest operators of land lease communities in South Australia.
Shares in Gateway Lifestyle (ASX:GTY) are trading 0.51 per cent lower to $1.96