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Some of the biggest names in Australia's aged care and retirement home sector have been caught up in an awards scheme operated by a convicted fraudster. (2-0)
Eureka Group Holdings Ltd (ASX:EGH) is continuing its ‘buy and build’ strategy by agreeing to acquire the 55-unit Albert Street Gardens retirement village in Orange, New South Wales for $5.115 million. Eureka is focused on providing rental accommodation and associated care to independent retirees dependent on Australian Government pension and rent assistance. Albert Street Gardens is an ideal fit for Eureka with long term historic occupancy of 92% and is expected to generate annual EBITDA of about $720,000.
Eureka Group Holdings Ltd (ASX:EGH) has acquired 36 units in Runaway Bay, Queensland for $2.05 million in a quest to transform the assets into a low cost senior's village. Couran Cove is a holiday destination about 10 minutes ferry ride from the Gold Coast. This follows a string of retirement village acquisitions by Eureka in Morphettville, South Australia as well as Townsville, the Gold Coast and Margate in Queensland.
Eureka Group Holdings Ltd (ASX:EGH) has been granted a trading halt by the ASX, with its shares placed in pre-open. Eureka requested the halt pending a capital raising to institutional investors for acquisitions. The company said it would immediately enter contracts to acquire a further six villages. The halt will remain in place until the opening of trade on Tuesday 14th June 2016, or earlier if an announcement is made to the market.