Ingenia/Eighth Gate Agreement Confirmed

On 1 July 2019, Ingenia Communities Group (Ingenia) announced it had entered into an agreement with Eighth Gate Capital Management (Eighth Gate) to acquire Eighth Gate’s funds and asset management business.

Some highlights of the acquisition include:

• Eighth Gate has assembled approximately $140 million in assets under management.

• Ingenia expects to invest up to $17 million (approx. 20%) to acquire the business and an interest in each of the funds under management.

• The transaction is to be funded internally and is anticipated to be completed by the end of July 2019.

• Addition of 759 permanent homes and 844 holiday sites, increasing Ingenia’s lifestyle sites under management by more than 26%.

• Settlement of 336 new homes for FY19.

• Expansion of Ingenia’s footprint in key cluster areas in NSW and South-East Queensland, and providing market entry into Victoria.

Chadwick Property Valuers was engaged by Ingenia to provide advice during the acquisition.