Ingenia announces buy of two ‘down under’ MHCs

ingenia-communities-logo-posted-daily-business-news-manufactured-housing-professional-news-mhpronews-com-Ingenia (ASX:INA) purchased two immediately earnings-accretive Manufactured Home communities in Mudgee, New South Wales, for $11.2 million. The Mudgee Valley MHC will be acquired for $4 million, which has an 8.8% trailing yield, and unlevered internal rate of return (IRR) exceeding 20%. The second purchase is the Mudgee Tourist and Van Resort acquired for $7.2 million. The later property boasts a trailing yield of 9.3%, and an unlevered IRR exceeding 15%. Mudgee, New South Wales, Australia offers a buoyant local housing market, strong employment growth and a vibrant local economy underpinned by resources and agriculture. The proactiveinvestors also tells MHProNews the median house price in Mudgee is currently $389,000, and has grown at a 9.2% rate over the past five years, making manufactured housing down under an attractive niche investment for Ingenia. ##

(Image credit: Ingenia Communities logo)

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