Property giant Ingenia Communities (ASX:INA) has exchanged contracts to acquire the Victorian BIG4 Beacon Resort for $37 million.
Ingenia said the “multi award winning” resort, located in Bellarine Peninsula cements their presence in Victoria through a flagship community which caters to families, groups, nomads and corporate travellers.
The resort features multiple amenities and recreational activities, with 23 annual cabins, 31 caravan and camping sites and 69 holiday villas, according to the company.
“BIG4 Beacon Resort represents an iconic holiday park which will increase the group’s presence and profile in Victoria while a retainer relationship with the vendor will allow Ingenia to further capitalise on the unique proposition created at BIG4 Beacon across Ingenia’s portfolio,” said CEO Simon Owen.
“Opportunities to acquire a holiday community as iconic as Beacon are very rare and we are incredibly proud to be the next owners of what is one of Australia’s top holiday parks.”
“On completion of the acquisition of BIG4 Beacon and the acquisition of Caravan Parks of Australia announced on 1 November, Ingenia will be the largest owner of holiday parks in Victoria.”
Settlement of the transaction is expected to occur at the end of November this year.
Shares in Ingenia Communities (ASX:INA) are trading 0.8 per cent lower at $6.34.