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MANTRA Group (ASX: MTR) has acquired the management rights for Southport Central, a large permanent rental business on Queensland's Gold Coast, at an undisclosed price, it announced today.
Southport Central will add 788 permanent letting apartments to Mantra Group's portfolio, which spans Australia, New Zealand, Indonesia and Hawaii and includes resort chains Peppers and BreakFree.
"Southport Central is not only complementary to our existing portfolio, but also reinforces the strong momentum in our organic growth strategy and consistent ability to convert our pipeline," East says.
"Our strategy in this sector over the past few years has been to accumulate high yielding management contracts in favourable locations with upside rental and let pool potential," Lee says.
The $700 million Southport Central project was build by Gold Coast developers the Raptis Group between 2006 and 2009 and comprises of one, two and three bedroom residential apartments across three towers.
Mantra Group's acquisition of Southport Central, for an undisclosed amount, is scheduled to settle on 31 August, 2016.
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