Lifestyle Communities Limited (ASX:LIC)
will no longer be proceeding with the acquisition of a site in Rosebud, Victoria.
The independent living community provider said the continuing due diligence on the site unearthed greater environmental risks than were known at the time of acquisition.
As such the company has determined that this site has a risk profile which is higher than other land available for acquisition.
Lifestyle Communities has exercised a contractual right to terminate the deal at any time and will refund the 5 percent deposit of $375,000 under the terms of the contract.
Lifestyle Communities recorded a net profit of $21.87 million at 30 June 2015.