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Eureka Group (ASX:EGH) - Executive Chairman, Murray Boyte - The Market Herald
Executive Chairman, Murray Boyte
Source: Gold Coast Bulletin
  • Eureka Group Holding (EGH) has entered into interdependent agreements to acquire two seniors villages in Queensland
  • The independent living villages are located in Cairns and Hervey Bay and together comprise 123 units
  • The total consideration for the acquisition is $13 million, which Eureka will fund from cash reserves and debt
  • The transaction is, however, still conditional upon regulatory approval
  • Based on today's acquisition announcement, the group now manages close to 2300 units in villages across the country
  • Following yesterday's announcement, Eureka shares are down 1.28 per cent, trading for 38.5 cents

Eureka Group Holding (EGH) has entered into interdependent agreements to acquire two seniors villages in Queensland.

The seniors' accommodation provider owns 30 villages and has another eight under management.

It could soon own two more independent living villages in Cairns and Hervey Bay, subject to regulatory approval.

The 70-unit village in Cairns would add to the company's presence in the area, it already owns a village in nearby Smithfield.

While the Hervey Bay village, with 53 units, would be the company's first in the growing retirement area.

The total consideration for the acquisition is $13 million which Eureka will fund from cash reserves and debt.

Founded in 2001 and headquartered on the Gold Coast, the Eureka Group operates 38 independent living villages across five Aussie states. Of these, Eureka owns 30 villages, while the other eight are under management.

In its latest annual report, released in early October, the company disclosed it looks after 2147 units across the country. Following these latest acquisitions, that figure should increase to 2270.

After yesterday's announcement, Eureka shares are down 1.28 per cent, trading for 38.5 cents at 12:21 pm AEDT.


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