Ingenia (ASX:INA) on $40m shopping spree for QLD assets

Company News

by Michael Luu

Retirement & lifestyle property developer Ingenia Communities (ASX:INA) has spent $40 million on its shopping spree for assets in Queensland.

The holiday parks operator has confirmed the acquisitions of five fully operational coastal parks and a DA-approved development project for 344 properties in the Bundaberg Region’s coastal town of Bargara.

The five coastal complexes will boost the capacity to host vacationers by 20 per cent, adding 844 cabins to the portfolio of holiday facilities. Meanwhile, the block of coastal land has a 16.2 hectare land area and council approval for construction.

Ingenia has sourced funding for the new purchases from last year’s capital raising

The group’s CEO Simon Owen has justified the Ingenia’s positive sentiment to expand its acquisition pipeline, “The current buoyant market for domestic travel and greater awareness of the stable cash flows generated from our lifestyle communities have underlined the attractiveness of the sectors we operate in and we remain positive about the outlook for the group as we continue to grow.”

Shares in Ingenia Communites Group (AX:INA) are trading 1.7 per cent higher at $5.37