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Summary
- Ingenia has acquired an established holiday park, Merry Beach Caravan Park on NSW South Coast.
- The transaction increases the size of the Group’s holidays business by more than 10%
- The acquisition is expected to be completed in March 2021.
Ingenia Communities Group (ASX:INA) has further extended its holidays footprint on the South Coast, New South Wales. It has entered an unconditional deal to acquire a large and established holiday park, Merry Beach Caravan Park in Kioloa. The acquisition, valued at AUD 20.5 million, will close in March 2021.
The acquisition is significant for INA as holiday parks are performing better than other accommodations with people preferring to visit them amid the easing restrictions.
Image source: ASX announcement dated 23 December 2020
The beachfront holiday park is among the most visited spots in Australia. INA already has eight assets in the region within a 2-hour drive of the newly acquired NSW Park, which is nearly three and a half hours south of Sydney.
Also read: Ingenia extends its holidays footprint beyond NSW, acquires 2 communities
The Group is keeping an eye on the recent government announcements related to travel restrictions and social distancing measures for NSW. Measures are in place to assure compliance with the new guidelines.
The majority of guests are from the state itself, and the Group has experienced limited cancellations in the holiday's business.
About Merry Beach Caravan Park
Image source: ASX announcement dated 23 December 2020
The park is spread over an area of 13h of perpetual licenced and leasehold land. It includes more than 540 locations that are generating income with annuals providing nearly two-thirds of revenue. It also includes a playground, swimming pool and walking tracks while offering direct beach access.
On 23 December 2020, at AEDT: 10:55 AM, INA was trading at AUD 4.895, up by 1.136 per cent.
