Gateway Lifestyle Group agreed to buy two residential land lease communities in South Australia for A$45 million, excluding transaction costs.
The Australian retirement village operator said 488 of the 555 long-term sites at the properties are occupied, with 67 more approved development sites in the pipeline.
Gateway Lifestyle will mainly fund the purchase with its existing syndicated debt facility, the size of which increased to A$280 million and the tenure on a A$70 million tranche extended to February 2020. The company will also issue A$3 million of fully paid ordinary securities to the unnamed vendor upon the deal's completion, which is expected in late fiscal 2018.
