The ASX-listed affordable accommodation provider – known for owning all its properties and projects – announced a Security Purchase Plan (SPP) on Wednesday (28 May), offering existing investors the opportunity to acquire up to $30,000 in Aspen securities without incurring broker fees, commissions, or other transaction costs.
The Security Purchase Plan will close on 10 June, with the purchase price of $2.90 per new security. This follows an institutional placement, also at $2.90, which successfully raised $70.18 million.
Aspen Group has 10 active projects and recently reported a 20% return on invested capital across its portfolio, which includes more than 1,500 sites in 10 communities.
The group is preparing to start sales at Aspen Normanville, a beachside area on the west coast of the Fleurieu Peninsula, 77km south of Adelaide. The project will feature 300 sites, including 181 land lease homes and 119 tourism sites.
The company’s lifestyle communities offer homes at approximately 30% below the national median house price, with weekly land lease costs under $200 – significantly below the $254 Commonwealth Rent Assistance cap for couples on the Age Pension.
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