- Three holiday parks acquired in Victoria
- Two more holiday parks were acquired in QLD and NSW
- Bargara, QLD land acquisition to be developed into lifestyle community
A 2020 capital raise saw $178 million go into the coffers of affordable rental and holiday accommodation company Ingenia (ASX: INA).
Earlier this year the company acquired two premium properties, one on the Sunshine Coast and the other in Townsville, for $65.9 million.
The company continues to deploy its equity from the 2020 raise, recently spending circa $40 million on five coastal holiday parks, and a lifestyle development site in Queensland.
Ingenia CEO, Simon Owen, said the move is a mark of confidence in the sector as international travel remains practically impossible.
“The current buoyant market for domestic travel and greater awareness of the stable cash flows generated from our lifestyle communities have underlined the attractiveness of the sectors we operate in and we remain positive about the outlook for the Group as we continue to grow.”
Simon Owen, Ingenia Communities Group CEO
The five holiday parks acquired are spread across the east coast, with a focus on expanding the company’s Victorian presence:
“The portfolio increases the Group’s exposure to Victoria with the addition of three parks in key tourist locations. Combined with the recent acquisition of BIG4 Inverloch in December 2020the acquisitions provide a strong presence in the Victorian market.”
Ingenia also acquired a greenfield site in Bargara, Queensland. The 16.2 hectares of land is to be developed into a 344 home lifestyle community.
Following the announcement, Ingenia saw share prices jump. INA opened at $5.23 on 3 May when the announcement was made, share prices quickly rose to $5.40 later in the day and continued to rise. It currently sits at $5.52.