Eureka Group Holdings CEO Simon Owen (pictured) is delivering on his ambition to make the company Australia’s market leader in both over-50s and all-age rental communities, after successfully refinancing and expanding its debt facilities.
The company announced on Thursday (1 May) that it had upsized its existing $101 million debt facility to a $180 million multilateral arrangement, structured across three-, five- and seven-year terms. An additional $5 million working capital facility, renewed annually, was also secured.
The new facility is supported by Eureka’s existing banking partner, National Australia Bank, alongside new lender Westpac.
“We have also increased our future borrowing capacity with a documented $200 million uncommitted ‘accordion’ facility,” Simon Owen shared via LinkedIn. “These enhancements reinforce our financial strength and flexibility, enabling future strategic investments.”
Demonstrating that strategy in action, Simon also announced Eureka’s acquisition of the Burrum River Caravan Park, a 99-site mixed-use property on Queensland’s Fraser Coast. This marks the company’s fourth acquisition using funds from its successful $70 million capital raise in 2024.
In March, Eureka confirmed it was evaluating more than $100 million in acquisition opportunities, with a particular focus on all-age rental communities.
“The acquisition aligns with our mission to expand long-term rental accommodation, helping address the region’s housing shortage while delivering strong returns,” Simon said.
Settlement on the Burrum River site is expected before the end of FY2025.
