This article is from the Australian Property Journal archive
INGENIA Communities Group (ASX: INA) has bought a retirement village in Dubbo for $2.45 million.
The 54-unit rental village is adjacent to one of the group’s existing rental villages in Dubbo, the 52-unit Wheelers Gardens.
INA chief operating officer Nikki Fisher said the property has been acquired out of a broader portfolio in receivership after some 12 months of negotiations.
“This acquisition is in line with the group’s strategy to grow and operate a pool of high performing rental villages that generate consistent earnings and cashflow.
“Ingenia will immediately focus on improving cash returns from this acquisition through leveraging our existing long term Dubbo market knowledge and management expertise to grow occupancy rates, increase rental income and improve operating margins,” she added.
This acquisition is forecast to deliver an unlevered internal rate of return (IRR) of circa 17% before taking into account the financial benefits of management and operational synergies across the two villages.
Property Review
