Ingenia Communities Group (ASX:INA) entered unconditional contracts to sell six New South Wales communities for AU$124 million, in line with its capital recycling strategy, according to a Thursday filing with the Australian bourse.
The portfolio, comprising two mature land lease communities and four holiday park and mixed-use tourism assets, was sold at its June 30 book value, reflecting an about 6.5% yield, per the filing.
Settlements are expected to take place between September and November, with the proceeds initially used to reduce debt, the filing added.
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