This article is from the Australian Property Journal archive
ASPEN Group (ASX: APZ) has added a 1-hectare land lot at Coorong Quays, adjacent to its Alexandrina Cove Retirement Village in South Australia.
Aspen acquired the property from a private company, associated with Viv Padman, who requested all-scrip consideration in place of cash.
The consideration agreed upon is 521,000 Aspen Group stapled securities, this is worth $1.28 million, according to APZ’s ASX closing price of $2.46 per security on 13 December 2024.
Aspen has earmarked the land for expansion of its Alexandrina Cove Retirement Village, pending approval, with a further 25-30 lifestyle houses on the site.
If approval is granted, the consideration would equate to $43,000 to $51,000 per approved site.
Aspen has spent much of the year focused on its unsuccessful takeover of rival Eureka Group and has since divested a majority of its stake in lifestyle communities rival Eureka Group following an unsuccessful takeover.
