Ingenia has sold its Mildura, Shepparton and Albury rental villages to Brisbane based Eureka.
Consisting of 172 village units, Eureka is paying $6.65M or $38,663 per unit.
Ingenia states the price is 14% above the purchase price they paid last year for two of the villages. The divestment will reduce Ingenias geographic out of cluster exposure which made them management heavy assets plus the cash will be recycled into its MHE business.
Eureka is aggressively building its portfolio of owned rental villages which now delivers 627 units, adding to its portfolio of managed villages at 1,492 units.
Eureka chairman Robin Levison explained their business at our LEADERS SUMMIT in March; you can watch a video of his presentation HERE.