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Ingenia Communities Group (ASX: INA) is a company from the real estate sector that owns, operates and develops quality affordable seniors living accommodation for aged Australian natives.
On 10 May 2019, Ingenia announced that through Groupâs joint venture (JV) with Sun Communities, both the parties have been able to secure its first project.
In the month of February 2019, the company was conducting due diligence on six potential acquisitions for its Joint Venture with Sun Communities. Now, both the parties under the JV has contracted their first acquisition before the scheduled time. The JV has entered into an agreement to purchase greenfield sites at Burpengary in Queensland along with Fullerton Cove in NSW.
Burpengary in Queensland is a 9.5-hectare site which is situated 35 km from the Brisbane CBD, within Northern Growth Corridor of Brisbane with a capacity for 233 homes. However, the approval has been received for the first 131 homes only. A Development Application has already been lodged for the remaining 102 sites.
The second acquisition at the Fullerton Cove on the NSW North Coast will be settling in June 2019. Fullerton Cove is a greenfield site that lies within the Port Stephens Council area. The region is a 9.2-hectare land and has approval for 145 sites. The acquisition cost of this site is $5.5 million. However, the JV has plans to make changes in the current plans to cater for 119 homes.
As both the sites are in the market, the company feels a strong demand and has existing communities within the region. Overall, the combination of the two sites will be capable of delivering around 350 new homes through the creation of new master-planned communities.
Further, the company also published a presentation on Finance News Network Investor Event, the company highlighted its business overview, with more than 7,600 income producing sites, 4,700 rental and lifestyle residents and 870,000 room nights per annum. The company has a stable rent base of more than $2 million in a week. Ingenia owns 61 Australian communities and has a portfolio value of more than $800 million.
Ingenia Gardens which is a residential lease with an average tenure of 3 years generates an annual rental of around $17,800 for single resident above 75 years of age. Ingenia Lifestyle is a residential site agreement for a perpetual term with an annual rent of ~8,100 for couples who are more than 65 years of age. Ingenia Rental is a residential lease with an average tenure of 2.8 years with an annual rent of ~$10,350 for all age groups. Ingenia Holidays is a short term/Annual lease with an average tenure of 4 nights stay (cabin and sites) with an annual rental of $5,800 for Grey nomads and families.
In the last one year, the stock has generated a return of 12.22%. The stock of the company is currently trading at A$3.020 (as on 13 May 2019, 1: 39 PM AEST), down by 0.33%. INA holds a Market cap of A$716.22 million and approximately 236.37 million outstanding shares.
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