Eureka Group in ’preliminary’ talks to buy Ingenia Communities’ rental sites

Executive Chairman Murray Boyte has issued a statement to the ASX after an article in The Australian newspaper stated Eureka was in talks with ASX-listed Ingenia Communities to buy some of its Ingenia Gardens seniors' rental village assets in Western Australia. 

Murray told The SOURCE earlier this month, in announcing a Statutory Net Profit after tax of $19.2 million, that the over 55s rental village operator had identified potential acquisitions. 

Ingenia Gardens operates five sites in WA: Swan View; Carey Park; Ocean Grove; Seville Grove and Seascape (pictured). 

Any potential transaction would depend, amongst other conditions, on statutory due diligence and establishment of a trust (with arms-length investors and Eureka holding a minor interest) to acquire the freehold,” Murray said. 

“Eureka does not currently propose to fund any transaction with Ingenia or any party by way of a capital raising conducted at holding company level.” 

In October last year, Eureka bought two Ingenia Gardens rental retirement villages in regional NSW and Victoria for $11.8 million. For the full story, click HERE.