Chief Executive Officer Simon Owen, who took on the role at Eureka in August last year, said he is committed to continue to expand the Eureka business with all-age rental communities the focus. 

“Eureka’s pipeline of acquisition opportunities under contract or assessment now exceeds $100 million and with our recent expansion into the all-age affordable rental market through the acquisition of the Kin Kora residential home village, the addressable market which we can focus upon is significantly larger,” said Simon, when Eureka announced its 1H25 Financial Results.  

“We expect to make further investments in the all-age affordable rental market in the coming months.  

“We are well-positioned to transact quickly on the accretive opportunities that we identify as being suitable for Eureka’s portfolio. We will also continue to actively manage our existing portfolio and have planned divestments for a further $25-$30 million of non-core or regionally isolated assets over the coming year. These will be replaced with more suitable assets from a yield and operational efficiency perspective.” 

Eureka announced a statutory net profit after tax of $6.4 million (1H24: $6.3 million) with underlying EBITDA growth offset by lower levels of property revaluations during the period. 

It is targeting planned rent increases of 5% to 7% p.a. through a combination of government increases to the Aged Pension and Commonwealth rent assistance and assessing market rents at the time a unit is vacated and re-let. 

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