In an announcement to the ASX on 7 December, the affordable rental accommodation operator said its new wholesale property fund, Eureka Villages WA Fund has completed the acquisition of a portfolio of six seniors’ rental villages located in Western Australia.
"The purchase price of $44 million and associated transaction costs have been funded via a standalone debt facility of $21 million and equity raised from professional and wholesale investors," the statement said.
"The Fund is raising $28.5 million and has been well received by wholesale investors. Eureka has made a $5 million cornerstone investment in the Fund and to facilitate settlement, has invested a further $4 million. To accommodate additional investors, Eureka intends to reduce its total investment to $5 million in the near term."
Eureka Executive Chairman Murray Boyte (pictured) said the strategic acquisition, from Ingenia Communities' Ingenia Gardens division, expands its national footprint and consolidates its position as a leader in affordable seniors’ rental accommodation.
Browse the retirement homes and villages at villages.com.au
