Ingenia Communities Group Managing Director and CEO Simon Owen this morning told the Australian Stock Exchange (ASX) that it has extended its development Joint Venture with NYSE-listed real estate investment trust Sun Communities.

“We see capital partnering as a smart and logical means to capitalise on the breadth of opportunities within our development pipeline, while retaining our ability to access new rental contracts,” said Simon. 

“Over the past five years, we have acquired five greenfield sites in partnership with Sun, allowing acceleration of development and supporting rental cash flow growth. With four of these communities now actively under construction, including the 606-site Morisset development, the Joint Venture will grow materially over the next few years. “

In February, Ingenia Communities said it had development approval for 3,341 homes with another 3,110 homes requiring approval. 90% of those homes were in the prime markets of Queensland and coastal and regional markets. 

Ingenia Communities said in June that it had 18 communities now being built.

The Joint Venture was formed in November 2018. The new terms are largely unchanged.

The Joint Venture will continue to have a first right to acquire all greenfield developments sourced by Ingenia and Ingenia will receive fees for services to the Joint Venture as well as reimbursement of agreed costs.