Australia’s Gateway Lifestyle Group (GTY.AX) announced that it has received a non-binding offer for acquisition. Hometown Australia Holdings Pty Ltd., and Hometown America Communities Ltd. Partnership proposal values the company at A$635 million (US$480 million), according to Reuters.
Hometown is offering $2.10-per-share through its local arm, to buy out Gateway Lifestyle Group operator in its entirety, per the Financial Review.
Gateway stated that it has not granted due diligence access yet, and that the proposal is subject to approval by the Australian foreign investment regulator.
The Daily Business News has been tracking the blooming manufactured housing and “manufactured home estates” business in Australia for some years.
Their industry does have ‘a younger’ feel than what is found in the U.S., even though much of it is geared toward senior living.
Note the two government videos, posted above and below. Each of which discusses the “land down under” versions of manufactured homes, and their style of land-lease community living.
A Gateway investor package from 2-2018 is linked here.
“It is a fast-growing sector, with listed players such as Gateway and Ingenia, along with Hometown Australia Communities. Gateway generates earnings from the development sales of new homes and the ground rent from its growing portfolio,” said the Financial Review.
“Hometown is a subsidiary of Chicago-headquartered Hometown America Communities, with assets of more than #US3 billion,” they said.
Hometown’s Saddlebrook Farms, located in Gray’s Lake, IL was recently awarded that state’s community of the year award.
Saddlebrook, as some MH professionals know, was established by industry visionary, Chuck Fanaro, who also held an interest in upscale HUD Code and modular home builder, Hi-Tech Housing Inc, in Bristol, IN.
The Gateway-Hometown deal – if approved and finalized – would be backed by Calzada Capital. They are “a global real estate investment firm with more than $US9 billion in assets under management,” said Financial Review.
Prior reports on this blossoming part of the international manufactured housing market are linked from related reports, further below. ## (News, analysis, and commentary.)
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