This article is from the Australian Property Journal archive
INGENIA Communities Group has sold a non-core rental village, Lovely Banks Gardens, in Corio Victoria to a private developer for $3.1 million.
The sale price is a 6.8% premium to 31 December 2011 book value.
Lovely Banks Gardens is a 65-unit village with adjacent land and was sold due to its poor continuing performance and location.
“This is an excellent opportunity for management to recycle capital from a high management intensity village yielding less than 8%,” INA CEO Simon Owen said.
“The fund will be able to redeploy capital from this sale into a growing pipeline of development, conversion and acquisition opportunities with expected return on capital to exceed 20%. Management will also continue to explore various capital management initiatives,” he added.
Property Review
