This article is from the Australian Property Journal archive
QUEENSLAND based childcare centre operator G8 Education has bought 20 properties.
The company has bought 15 centres located in New South Wales and five in QLD with 1,400 licensed places. Upon completion, the company will have over 9000 licensed places across more than 130 centres.
The acquisition will be funded through the issue of 10.3 million shares at $0.60 in G8 Education and a further 10.3 million shares at $0.60 in G8 Education on 31 January 2012 subject to the centre based EBIT target being achieved in the 2011 calendar year. The transaction also involves the assumption of $5.6 million in existing debt.
G8 also has the option to buy another five centres.
Chairperson Jenny Hutson said the centres are expected to contribute $4.5 million in EBIT in the 2011.
Australian Property Journal
