Ingenia buys two manufactured home parks

The announcement by Ingenia of the purchase of two manufactured home parks in NSW has been welcomed as a win for local seniors in Albury-Wodonga. Simon Owen’s Ingenia Group bought both Penrith’s Neapean River Holiday Village and Albury’s Citygate Caravan and Tourist Park for $12.2M with the intention of refurbishing both properties as retirement villages. A marked growth in the number of seniors living in Albury-Wodonga is expected in coming years, well up from the 27,000 now estimated to be living in the region. It makes good sense of Ingenia’s move, and their plan to turn Citygate into a village of nearly 150 two and three bedroom homes. The Ingenia group raised $21.2m to fuel its acquisition plans only last month, and is finalising due diligence on several other communities. The Penrith village will deliver a trailing yield of 10.5 per cent and an unlevered internal rate of return of more than 15 per cent, while the Albury village has been purchase with trailing yield of 7.2 per cent and an unlevered IRR exceeding 20 per cent. According to a company statement, announcements are expected soon in regard to further acquisitions by the group.