Ingenia Communities Group purchase Victorian community for $7 million

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Ingenia adds new community to its portfolio

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Ingenia Communities Group (ASX: INA) has recently added a residential community in Victoria to its portfolio in a $7 million purchase. This news follows a 27th of July announcement to the ASX that the company would add $16 million worth of waterfront properties on the NSW central coast to its continually growing portfolio.

Ingenia is a residential property group based in Sydney, involved in the development of residential communities, gardens, holiday destinations and care homes. The broad diversification of the Group's portfolio and their exposure to locations all around Australia make them one of Australia's largest property groups.

Ingenia's purchase of the Victorian community in Ballarat involves the development of a 6.4-hectare site approved to contain 163 homes. They will be called the “Ingenia Lifestyle Parkside" and will include a swimming pool, gym, community hall and caravan parking. The Investment comes with the option to add an adjoining 3.3-hectare site for $4.3 million, potentially containing 90 homes.

The announcement follows a statement two days before INA revealed the acquisition of Sunnylake Shores on the central coast for $16 million. This Investment includes 90 permanent homes which have an estimated average value beyond $500,000. The purchase of 4.2 hectares are in Lake Munmorah, which was the groups first use of a successful share purchase plan of $28 million, completed on the 3rd of June. Earlier in the year the Group also executed a $150 million equity raising, reflecting the Group's continual commitments to the business's growth despite weak economic conditions as late.

Chief Executive Officer Simon Owen commented how the equity raising in 2020 "has provided additional capacity for Ingenia to deliver on its strategic priorities of scale and sector leadership and we are moving rapidly to put the capital to work generating returns for our investors."

These developments, alongside a strong May trading update, place the Group in a strong position moving forward. In the update, Ingenia revealed a strong balance sheet with $352 million in cash and undrawn debt. Mr Owen stated that "the business is continuing to deliver stable rental cash flows from our portfolio of land lease and other communities." In the coming months, as government assistance begins slow and the damage caused by COVID-19 is revealed, Ingenia will need to maintain this position, to minimise the impact of deteriorating conditions.

On the 28th of July 2020, at 11am, Ingenia is trading at $4.80, up 80 per cent from its March lows. The strong appreciation in Ingenia's share price is approaching all-time highs at $4.81.

As of the 18th of February 2020, Ingenia manages a total portfolio of $1.1 billion up from $747 million in 2019. The Groups FY20 financial results will be released on the 18th of August 2020.

Caroline Wong

Caroline Wong is a Research Analyst at KOSEC – Kodari Securities. She writes on markets and focuses on ASX Top 300 companies. Email Caroline at c.wong@kosec.com.au.

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