In its latest Investor briefing Ingenia states No new rental villages are being built as they are not commercially viable. Ingenia is buying struggling rental villages instead. It recently purchased Dubbo Gardens (Dubbo) for $2.4 million and Ocean Grove Gardens (Mandurah WA) for $2.8 million. Ocean Grove consists of 44 units and if construction costs were $125,000 each its replacement value would be $5.5 million [excluding community facility costs]. Ingenias pricing is approximately $300 per week rental, covering rates, maintenance, gardening, white goods, security and water. A meals package option is available at $60 per week. Ingenia is targeting a 14% yield from Ocean Grove.
Mergers & Acquisitions
Respect enters QLD with acquisition of seven BlueCare aged care homes and four co-located retirement villages
The Not For Profit, which specialises in acquiring rural and regional care home, announced this morning it will take ownership of several sites from the health and community arm of UnitingCare Queensland.
