Company news: Ingenia Communities
Ingenia Communities announced a $60m capital raising, with the proceeds to be used to acquire four Manufactured Home Estate parks for $59.2m. Seven hundred and sixty income producing sites will be added to Ingenia's portfolio, along with 215 development sites (190 of which are in Sydney).
We elected not to participate in the raising for two main reasons:
- it was not at what we considered to be a favourable price, and
- we wish to see the company deliver (through bottom-line profit results) on its growth strategy before we increase our exposure.