INGENIA Communities has settled the sale of the New York seniors portfolio.
CEO Simon Owen said net sales proceeds of $46.7 million will be reinvested in a number of capital management initiatives.
“The settlement of this transaction is a significant milestone towards the group’s strategy of consolidating its position as a leading owner, operator and developer of Australian Seniors accommodation.
“Due to our growing pipeline of accretive acquisition and development opportunities, the group has decided to reinvest the proceeds of this US sale rather than pursue an on-market buyback. A significant majority of institutional securityholders have expressed support for this strategy due to the attractive opportunities available in the Australian market at the moment,” Owen said.
Ingenia also announced the acquisition of The Grange Village, in Morisset, New South Wales for $10 million. This acquisition is immediately earnings accretive offering recurrent cash earnings exceeding $1 million per annum and is forecast to deliver an unlevered internal rate of return (IRR) exceeding 18%.
The Grange Village has 145 existing dwellings with three DA approved home sites, one vacant home site, community facilities and vacant land with potential to add another 30 – 40 homes.
Property Review
