Ingenia Communities Group (ASX:INA) talks capital raising and new acquisitions

Interviews

by Carolyn Herbert

We have acquired five new lifestyle communities which will increase our business by around 20 per cent.

The purchase price for those five communities is $79.9 million. They comprise of four existing lifestyle communities, one near Port Macquarie in NSW, two in Brisbane and one on the Queensland Capricorn coast.

The other asset is a fully DA approved Greenfields site which is just north of Coffs Harbour, again on the NSW mid-north coast.

In total that adds over 700 new income producing sites, gives us more than 300 new development sites and has given us the confidence to upgrade our development target for 2019 to over 250 new homes which would make Ingenia the biggest developer of new lifestyle communities in Australia.