West Australian property investor Aspen Group Ltd’s Aspen Parks Property Fund has settled the $A3.5 million purchase of the Exmouth Cape Tourist Village.
The caravan park covers 8.3ha and is about 2.5km from a new marina & canal development. The town is 1270km north of Perth.
Aspen managing director Angelo Del Borrello said the park had been bought on a 12% net return based on this year’s forecasts. Aspen Park now has 7 West Australian caravan parks worth $A35 million.
The listed parent company, Aspen Group, announced its first acquisition outside Western Australia today â€“ an $A8.8 million industrial property at Rocklea, Brisbane, bought on an initial 9.52% return.
Aspen Group’s portfolio is worth $A110 million, funds under management total $A145 million.
The group bought the 2 properties using $A30 million raised in an institutional placement of stapled securities at an A17c issue price, which reduced the group’s gearing from 63% to 50%.
Mr Del Borrello said the group wanted to get “core gearing” down to 30-40%.