Eureka spends $44m on six seniors’ villages

Listed seniors accommodation provider Eureka Group has cemented a $44 million acquisition for a portfolio of six rental villages across Western Australia.

Queensland-headquartered Eureka told the market its new property arm Eureka Villages WA Fund had acquired the assets for $44 million from Ingenia Communities Group, a Sydney-based property group.

The seniors rental villages are located across Perth, Mandurah, Bunbury and Albany and total 321 units.

The acquisition adds to the group’s portfolio, which now stands at 52 owned or managed villages with 2,872 units across the country.

It also marks the group’s entrance into the WA market.

“We’re pleased to have completed the acquisition of the portfolio in this Eureka-managed fund, and we look forward to welcoming the residents and staff across the six villages,” Eureka executive chair Murray Boyte said.

“This strategic acquisition expands our national footprint and further consolidates our position as a leader in affordable seniors rental accommodation.”

The ASX-listed group funded the deal through a standalone debt facility of $21 million and equity raised through investors, and a cornerstone investment by the group.