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Eureka Group Holdings Limited ( (AU:EGH) ) has provided an announcement.
Eureka Group Holdings Limited has announced the acquisition of a mixed-use residential home village and caravan park in Gladstone, Queensland, marking its entry into the all-age rental market. This strategic move is aimed at addressing the housing crisis in Australia by providing affordable housing options for essential service workers, retirees, and tradespeople. The acquisition, valued at $4.5 million, offers an initial yield of 9.2%, with plans to convert caravan sites into rental villas, thereby enhancing earnings potential. This acquisition is part of Eureka’s broader strategy to expand its rental portfolio, supported by proceeds from a successful capital raising, and is expected to close by March 2025.
More about Eureka Group Holdings Limited
Eureka Group Holdings Limited operates within the real estate industry, focusing on affordable rental housing solutions. The company primarily caters to seniors but is now expanding into the all-age rental market, driven by the growing demand for affordable rental homes in Australia.
YTD Price Performance: -2.42%
Average Trading Volume: 271,855
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$256.6M
For an in-depth examination of EGH stock, go to TipRanks’ Stock Analysis page.
