Aspen Group Limited
ABN 50 004 160 927
Aspen Property Trust
ARSN 104 807 767
Level 18, 9 Hunter Street
Sydney NSW 2000
Telephone: 02 9151 7500
Facsimile: 02 9151 7599
Email: homemail@aspengroup.com.au
MARKET RELEASE ASX ANNOUNCEMENT 3 August 2015 Acquisition of Tomago Van Village
Aspen Group (ASX:APZ) advises that it has exchanged contracts for the acquisition of Tomago Van Village, located in Tomago, NSW. The purchase price is $10.5 million, which reflects an initial yield of 9.3% (excluding transaction costs).
The property has 160 sites, 136 of which are licenced for long-term utilisation, with the balance being short-stay sites. There is an existing development consent for a further 24 long term sites.
Tomago is located in metropolitan Newcastle, approximately 18 kilometres from the Newcastle CBD. It is adjacent to the Tomago Industrial area, a substantial source of demand for accommodation at the property. It is also in close proximity to Newcastle airport and Kooragang Island.
The acquisition is in line with Aspen Group's strategy to focus on the accommodation sector. It will be funded from existing cash holdings of Aspen Group and be immediately accretive to earnings. Settlement is scheduled for mid-August 2015.
Source: Google maps
EndFor further information please contact:
Clem Salwin
Chief Executive Officer
Phone: (+61) 2 9151 7500
Email: clems@aspengroup.com.au
For media enquiries:
David Tasker
Professional Public Relations
Phone: (+61) 8 9388 0944
Mobile:(+61) 433 112 936
Email: david.tasker@ppr.com.au
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