The land lease developer has sold its Settlers Meadow Springs retirement village in Mandurah, WA and its smaller Chain Valley Bay and Lake Macquarie lifestyle communities in NSW.
WA aged care provider Amana Living picked up the 1.6ha Settler Meadow Springs village and a 1.5ha parcel of adjoining land – its second village in Mandurah.
The sale leaves Ingenia with just two DMF communities valued at $5.6 million – less than 1% of its assets.
CEO Simon Owen says the sales are part of Ingenia’s plan to move funds into “higher growth lifestyle development projects”.
“With opportunities to deploy the capital in key projects such as Latitude One (Anna Bay, NSW) and Plantations (Woolgoolga, NSW) we are continuing to grow our presence in NSW and expect to see our operating margins expand as these communities gain greater scale,” he said.