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Ingenia Communities Group (ASX:INA) - CEO, Simon Owen - The Market Herald
CEO, Simon Owen
Source: Ingenia Communities Group
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  • Ingenia Communities Group (INA) has acquired a mixed-use lifestyle community on the NSW South Coast
  • The acquisition increases the group's position in the South Coast tourism sector, bringing the total number of communities in the region to 10
  • The $15.8 million deal is expected to close this month and provide a stable yield of over 7.7 per cent
  • INA rounded off the day 1.03 per cent higher to sit at $5.88 per share

With the acquisition of a mixed-use lifestyle community on the NSW South Coast, Ingenia Communities Group (INA) is expanding its lifestyle and vacations business footprint in the area.

The acquisition increases the group's position in the South Coast tourism sector, bringing the total number of communities in the region to 10.

The $15.8 million deal is expected to close in August 2021 and provide a stable yield of over 7.7 per cent.

Ingenia Communities Group CEO Simon Owen said the purchase provided a combination of existing income and the opportunity for further upside as the Group executed and identified asset strategies.

"We are continuing to capitalise on our acquisition capability and pipeline to build our portfolio and rental base in key markets," Mr Owen said.

"With close to 20% of revenue derived from a stable permanent resident base, we see opportunities to grow revenue as we integrate the tourism operations into our platform and potentially remix the accommodation to increase yield."

Kings Point Retreat is located near Ulladulla, a renowned tourist destination on the NSW South Coast.

On 4.85ha, Kings Point Retreat presently has 53 permanent residences, 27 short-term cottages, and 67 powered and ensuite campsites.

A playground, two swimming pools, tennis and basketball courts, gym, camp kitchen, waterpark, spas and a sauna are among the amenities.

The neighbourhood is near major tourist attractions and existing Ingenia communities, such as Ingenia Lake Conjola, which is about 20 minutes away.

Ingenia said its portfolio would comprise approximately 2500 income-producing sites on the NSW South Coast after the transaction is completed.

INA rounded off the day 1.03 per cent higher to sit at $5.88 per share.

INA by the numbers
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