Ingenia Communities has now completed 19 of the 20 acquisitions outlined in its $475 million Acquisitions and Equity Raising in November last year.
The Sydney-based company informed the ASX it had acquired Federation Villages’ portfolio via buying the remaining 84.4% in the Eight Gate Residences Fund No. 6 currently managed by Ingenia.
Federation Villages’ $87 million portfolio is in Werribee, Sunshine and Glenroy. It adds 504 built and occupied home to Ingenia’s lifestyle and rental base.
“When we acquired the Funds business, we negotiated an option to acquire the assets on wind up of any of the six Funds. We are pleased to be able to satisfy the requirements of the investors in Fund No.6 for liquidity while enhancing our access to quality lifestyle communities, which are becoming increasingly competitively sought,” CEO Simon Owen said (pictured above).
He added the 20th planned acquisition – a holiday community in regional Victoria – was not going ahead.
“However, the Group retains a significant pipeline of additional acquisitions.”
