Eureka Group to acquire NSW retirement assets for A$123.8 million

Eureka Group Holdings Ltd has agreed to acquire six retirement and mixed-use communities in New South Wales from Ingenia Communities Group for A$123.8 million. The acquisition, referred to as the NSW Living Portfolio, includes 953 sites across Greater Sydney, the Central Coast, Hunter Valley, and Shoalhaven.

The deal is expected to increase Eureka’s total homes under management by 21% to 5,492 and raise its assets under management by 23% to $660 million. Managing Director and CEO Simon Owen described the move as “transformational,” noting it reinforces the company’s position as an ASX-listed residential rental specialist.

To fund the purchase, Eureka is launching an A$80.2 million entitlement offer for existing shareholders and has secured A$80 million in new debt facilities from Westpac and National Australia Bank. The company has also upgraded its FY27 underlying earnings per share guidance following the announcement.