Ingenia in $25m three-site play

RETIREMENT village owner and operator Ingenia is poised to buy three manufactured housing parks for more than $25 million.

The acquisitions takes the number of the manufactured home parks bought by Ingenia to 15 since it entered the sector almost a year ago.

Two of the properties, Town & Country Estate in Sydney’s Marsden Park and Sun Country Holiday Village in southwest NSW, are being purchased for about $18m and $7m respectively. A third Sydney property is also under negotiation.

Ingenia is in the final stages of due diligence on Sun Country Holiday Village and Town & Country Estate. Both are set to deliver a rate of return above 15 per cent and are being funded from Ingenia’s $61.7m capital raising in September. The properties will add 495 homes and tourist sites and more than 280 development sites to Ingenia’s existing portfolio of 858 homes, with an end value of an estimated $208m.

The company’s focus for manufactured housing estates is in NSW, particularly the Sydney basin, southwest NSW and Hunter Valley and Newcastle. Ingenia is the largest holder of the manufactured housing estates in NSW. The retirement accommodation allows occupants to rent or buy the properties for about $250,000.

It plans to expand into Western Australia and Queensland in what has been described as a highly fragmented industry. In November, Ingenia said it had secured four manufactured home estates in the Hunter Valley for $10.7m.

Source: The Australian

 

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