Eureka Group Holdings (ASX: EGH) has completed the acquisition of the freehold land and buildings of Cascade Gardens Mackay, a 93-unit Seniors Rental Village in Queensland.
Given Eureka already manages this village, the purchase fits within Eureka’s growth strategy to acquire high performing villages and associated management rights.
Eureka manages a total of 30 independent senior's villages throughout Australia.
Consideration is $6.075 million, and Eureka has received indicative funding terms for the purchase of Cascade Gardens Cairns, which is Eureka’s next planned acquisition, with settlement targeted for late June 2014.
The company is currently valued at $9 million.
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