Ingenia Communities Group secures first projects with Sun Communities

Company News

by Rachael Jones

Ingenia Communities Group (ASX:INA) has secured its first projects with Sun Communities.

Ingenia has been conducting due diligence on six potential acquisitions since February.

Now they are moving forward with an agreement to purchase greenfield sites at Burpengary in Queensland and Fullerton Cove in NSW.

Combined, the sites provide the potential to deliver approximately 350 new homes.

Approval is in place for the first 131 homes and a Development Application for a further 102 sites has been lodged in Queensland. A total of $17.75 million will be paid for the full site.

Fullerton Cove has approval for 145 sites and is being acquired for $5.5 million.

Shares in Ingenia Communities Group (ASX:INA) trading 0.5 per cent lower at $3.02

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.