Company news: Ingenia Communities
Ingenia Communities made a new acquisition at Soldiers Point, near Port Stephens in NSW. It will bring the number of MHE (manufactured home estate) communities in the Newcastle / Hunter region to nine. The acquisition will be immediately earnings accretive, with a passing yield in excess of 8% and forecast unlevered IRR of over 12% on the acquisition price of $10.5m. Additionally, the park has DA approved vacant sites, providing immediate opportunity to earn development returns.