Aspen acquires Darwin FreeSpirit Resort for $19.5m

Company News

by Kathy Skantzos

Aspen Group (ASX:APZ) has acquired Darwin FreeSpirit Resort, a tourist park in the Northern Territory, for $19.5 million, making this transaction Aspen’s largest addition to its tourism portfolio.

The acquisition reflected an initial yield of approximately 10 per cent excluding acquisition costs.

Settlement is expected to be complete in the second quarter of FY2018 before the Christmas trading period begins.

FreeSpirit is one of the largest holiday parks in Australia offering affordable accommodation in Darwin.

Aspen CEO Joel Cann said the addition of FreeSpirit to the company’s portfolio is consistent with its strategy of becoming an industry leader in the affordable accommodation sector.

Shares in Aspen (ASX:APZ) are trading 0.47 per cent to $1.06.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.