Ingenia Communities buys $25m Brisbane

Company News

by Jessica Amir

Ingenia Communities Group (ASX:INA) has purchased a Brisbane metro lifestyle property for $25 million.

Following completion of due diligence and final board approval, the company exchanged contracts for the acquisition, which formed part of its May 2017 capital raising. 

The Australian real estate group that develops and runs lifestyle properties acquired Durack Gardens, which sits on 9.5 hectares of freehold land.

The purchase in the tightly held Brisbane market, is expected to settle later this month.

The company says the property will significantly enhance its returns as it adds 253 income producing sites to the key Queensland cluster.

Shares in Ingenia Communities Group (ASX:INA) are trading flat at $2.72.

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