Lifestyle Communities (ASX:LIC) has executed contracts to purchase a new site on Victoria’s Mornington Peninsula.
Following the acquisition, the company's portfolio will increase by approximately 185 home sites to 3,549 which includes sites in planning, development or under management.
Settlement is expected to occur at the end of 2020 with construction anticipated to commence soon afterwards.
Managing Director James Kelly says it will be Lifestyle's third community on the Mornington Peninsula and that the site is well positioned close to the town centre and public transport.
Shares in Lifestyle Communities (ASX:LIC) are trading flat at $5.18.