Developer and investments manager Aspen Group has acquired a caravan park in Dubbo, New South Wales, for $10.7 million.
Aspen announced today its Aspen Parks Property Fund had added the Big 4 Dubbo Parklands accommodation park to its portfolio, funded by existing debt facilities.
The park is a four and a half star rated tourism development and increases the total asset value in the fund to $325 million.
The property comprises 128 caravan and cabin accomodation sites.
Aspen said the fund was also nearing completion of a $20.5 million works program across six sites in the portfolio.
The works include additional rooms, infrastructure and service improvements.
“Completion of the Dubbo acquisition and the development works follows the considered implementation of the fund’s growth strategy and seeks to further diversify and enhance the quality of the fund for the benefit of unitholders,” interim chief executive Hugh Martin said.
“The fund will pursue an increasingly active management approach to the portfolio going forward.”
At close of trade today, Aspen shares were down 2.8 per cent, at 17.5 cents.