Retirement property group Ingenia Communities has expanded its presence in the Peel region, announcing the off-market purchase of a 44-unit rental village in Mandurah for $2.8 million.
The village, which previously operated as SunnyCove Mandurah, was purchased in receivership from a broader portfolio of retirement communities owned by Young Village Estates, a subsidiary of collapsed financial services group Octaviar.
The transaction is expected to settle later this month and will be funded from existing cash reserves.
Ingenia chief executive Simon Owen told WA Business News the company was currently assessing a number of other potential acquisitions across Western Australia.
"Western Australia is our single biggest investment market across Australia - we have more dollars invested in WA than anywhere else," he said.
"We like the longer term growth schematic for the Western Australian market. This is an acquisition that we’ve been looking at for some six months now and it complements our existing portfolio in Mandurah very well.
"We already have two existing retirement villages in the Mandurah-Peel region and so this is a good fit for our existing business.”
Mr Owen said it was "quite likely" that Ingenia would be in position to make a further announcement regarding acquisitions in the first quarter of this year.
Formerly trading as ING Real Estate Community Living Group, Ingenia is the largest owner and operator of retirement villages in Australia, with 34 properties across the country.
