Ingenia Disposes DMF based Assets
Ingenia Communities Group (ASX: INA) today announced that the Group has exchanged contracts for the sale of three non-core assets, with settlement expected to occur at the end of January 2018.
The sales are consistent with the Group’s focus on divesting non-core assets in order to redeploy capital into higher growth lifestyle development projects.
Ingenia will realise gross sale proceeds of $17 million (in line with the Group’s book value) from the sale of the three assets which include the Group’s largest DMF asset, Settlers Meadow Springs (Mandurah, Western Australia) and two smaller lifestyle communities in NSW.
In addition the Group has exchanged contracts for the sale of Ingenia’s Chain Valley Bay and Lake Macquarie lifestyle communities. These two communities, which have been actively developed since Ingenia acquired them, remain relatively small and have limited expansion potential.
Ingenia will redeploy the proceeds into other key projects.