Ingenia Acquires Three More Over 55 Retirement Lifestyle Communities in Melbourne
In a move that will boost its presence in the Melbourne market, Ingenia Communities has acquired three more Lifestyle Communities. The portfolio comprises two established communities in Melbourne’s northwest and one greenfield site in the city.
- (1888PressRelease) March 16, 2023 - In November 2021, Ingenia Group announced the acquisition of the Federation Villages portfolio—which is owned and managed by Eighth Gate Residences Fund No.6—for a total of $87 million. This transaction has been finalized and added 504 fully occupied homes to Ingenia's lifestyle portfolio, in desirable areas around the country. This single purchase was part of a larger group of 20 acquisitions totalling $552 million in value, out of which 19 have now been successfully closed.
Today, Ingenia Communities Group (ASX: INA) announced the acquisition of three lifestyle communities in Melbourne which were identified with the Group's equity raising of $475 million which was publicly announced on November 1st, 2021. This addition marks a total investment price tag of $552 million for these found properties.
Ingenia is pleased to announce that it has secured the remaining 80.4% interest in the Residential Communities Fund No. 6, which is a part of Ingenia's managed funds business. As a result, Ingenia now owns all assets included in the Fund. This acquisition furthers our strategic objectives and allows us to continue to offer unrivalled services for our customers.
Ingenia recently added an additional 504 homes to their portfolio with the opening of the three Federation Villages - located in Werribee, Sunshine and Glenroy. These homes are now built and occupied, providing a much-needed increase in lifestyle rental availability.
Simon Owen, Chief Executive Officer of Ingenia Communities, has declared that the Federation Village portfolio has provided the Group with an increased presence in three highly sought-after communities in the Victorian market, which is in accordance with their long-term goal of achieving a market-leading position in the competitive Victorian sector.
Given our extensive experience managing these communities over the past two years, we are confident that targeted reinvestment will lead to optimal returns and generate satisfaction among homeowners. We have a keen understanding of these particular communities, and this gives us opportunities for improvement.
We are thrilled to announce that, in light of the recent wind-up of Fund No. 6, we have successfully negotiated the option to acquire its assets. We understand the importance of providing investors with liquidity and thus are very glad to meet this need for them. Moreover, this liquidation enhances our access to quality lifestyle communities which have been becoming increasingly competitively sought after, according to Mr Owen.
The remaining five funds, which are all geared towards holiday communities, are in line with Ingenia's projected plan to launch a $100 million fund during the course of 2022.
The Group has now successfully accomplished nineteen of the twenty acquisitions outlined in the Acquisitions and Equity Raising announcement from 1 November. Negotiations and necessary due diligence for the last identified acquisition - a premium holiday community in regional Victoria - have been halted, however, the Group continues to have a considerable number of potential acquisitions in the pipeline.
The portfolio of properties belonging to Ingenia now consists of five individual sites, namely the Ingenia Federation Village, Ingenia Lifestyle, Ingenia Gardens, Ingenia Holidays and Ingenia Rental. All told, this makes for a rather extensive list of locations.
To learn more about Ingenia Federation’s Retirement Lifestyle Communities, you may contact us with the details below:
Ingenia Federation Village - Sunshine/Albion
03 9312 2183
info ( @ ) ingeniafederation dot com dot au
Ingenia Federation Village - Glenroy
03 9059 0600
info ( @ ) ingeniafederation dot com dot au
Ingenia Federation Village - Werribee
03 8742 3999
info ( @ ) ingeniafederation dot com.au
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