The man, who transformed two small village operators into the then $1.65 billion ASX-listed Ingenia Communities, is setting a cracking pace in his new role in charge of Australia's only pure-play seniors rental business.
"I'm excited to announce that six weeks after joining Eureka Group Holdings as CEO, today we have announced a $70 million transformative fully underwritten capital raise to acquire seven communities and provide capital to materially grow the business,” Simon said on LinkedIn.
"Six of the communities are in Queensland where across over 1,400 rental units we only have one vacancy."
Eureka is in due diligence to buy 441 units in seven villages and, in addition, has bought or is in the process of buying 38 single units across four managed villages for a total of $49.9 million. It has also identified expansion of villages costing $7.5 million.
The acquisitions will increase units under management by 13.5%.
It announced to the ASX today the capital raise is in exchange of new shares at an issue price of $0.61 cents a share. Eureka's shares were trading at $0.68 at the end of trading on Wednesday.
The company stated the rationale for the actions is to "quickly scale and execute on acquisition opportunities".
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