ASX-listed Lifestyle Communities, an Australia-based company that develops, owns and manages affordable independent living residential land-lease communities, has launched a A$275 million ($180 million) entitlement offer, which will provide funding capacity to the firm’s expansion strategy.
Its acquisition opportunities include five identified land sites.
“We are seeing a number of opportunities to buy further sites on top of the four that we have already purchased in fiscal year 2024 year-to-date,” said James Kelly, managing director at Lifestyle Communities. “The Entitlement Offer will create a step change for the business and allow us to recycle capital over time from more projects as we continue our organic growth model.”
AustralianSuper, one of Lifestyle’s investors with a controlling 12 percent stake, is committed to taking up the entitlement offer, according to Australia’s Financial Review.
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