Ingenia funds land lease expansion by selling rental villages to Eureka

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The villages have been acquired for $18 million through a joint venture (50/50) with an unnamed group of private investors already invested in rental villages and adds 254 units to Eureka’s portfolio of 32 owned villages and nine villages under management.

While the acquisition was funded by debt, Eureka says proceeds raised from the sale of non-core assets in the next 12 months will be used to fund further acquisitions.

The deal is also good news for Ingenia, which needs to fund a land lease community development pipeline of over 2,800 homes and 270 rental and tourism cabins.