Ingenia Communities (ASX: INA) will soon be the largest owner of holiday parks in Victoria after reaching a $37 million deal to acquire BIG4 Beacon Resort in Queenscliff, changing hands after more than a half-century in family ownership.
The 3.2ha property on the Bellarine Peninsula was under contract when Ingenia announced a $475 million capital raise at the start of this month that will go towards around $550 million worth of planned transactions.
Ingenia CEO Simon Owen said the iconic holiday park would increase the group's presence and profile in Victoria, while a retainer relationship with the vendor would allow Ingenia to further capitalise on the unique proposition created at BIG4 Beacon across Ingenia’s portfolio.
"Opportunities to acquire a holiday community as iconic as Beacon are very rare and we are incredibly proud to be the next owners of what is one of Australia’s top holiday parks," Owen said.
"We look forward to working with vendor Lorraine Golightly and her amazing team at Beacon over the months ahead and then with Loraine moving forward to introduce some of the Beacon magic across our market leading portfolio of holiday parks.
"On completion of the acquisition of BIG4 Beacon and the acquisition of Caravan Parks of Australia announced on 1 November, Ingenia will be the largest owner of holiday parks in Victoria. This presence complements our growing development pipeline and ownership of established rental and lifestyle communities in Victoria, furthering our strategic focus on growth in the State."
Settlement is due at the end of this month.
The group expects the acquisition will generate a seven per cent stabilised yield, alongside additional opportunities to add more sites and cabins to the resort and increase the portion of revenue generated from long-term sites and cabin accommodation.
Set amongst native landscaped gardens and with easy access to Point Lonsdale beach, the resort currently has 23 annual cabins, 31 caravan/camping sites and 69 holiday villas, with amenities including a day spa, function room, indoor pool, yoga studio, multiple playgrounds and daily kids activities year-round.
"Beacon has been part of my family for over 50 years and the decision to sell has not been taken lightly. However, over the past few years I have been impressed with the energy and innovation that Ingenia has brought to the sector and I cannot think of a better custodian for Beacon moving forward," explained BIG4 Beacon Resort's current owner and operator, Lorraine Golightly.
"I greatly look forward to working with Simon and the Ingenia team to introduce some of the Beacon magic across their amazing portfolio of east coast holiday parks."
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