Aspen Group Limited ABN 50 004 160 927
Aspen Property Trust ARSN 104 807 767
Level 3, 37 Pitt Street
Sydney NSW 2000
Telephone: 02 9151 7500
Facsimile: 02 9151 7599 Email: homemail@aspengroup.com.au
ASX ANNOUNCEMENT
14 November 2017
Aspen Group acquires Darwin FreeSpirit Resort to expand tourism portfolio
Aspen Group Limited (ASX: APZ) is pleased to announce that it has exchanged conditional contracts for the acquisition of Darwin FreeSpirit Resort (FreeSpirit). The purchase price of $19.5 million reflects an initial yield of approximately 10% excluding acquisition costs.
Conveniently located on Stuart Highway in Darwin NT, FreeSpirit is a quality tourist park consisting of 430 sites, including 149 tourist cabins in a prime location. The business is well positioned to service regional tourism destinations and Darwin local residents.
Subject to contractual conditions being fulfilled, settlement is expected to be completed in 2Q FY18 before the Christmas trading period commences.
Commenting on the acquisition, Aspen Group Chief Executive Officer Joel Cann said:
"FreeSpirit is one of the largest holiday parks in Australia and the best affordable accommodation offering in Darwin.
"We recognise the immediate opportunities within the asset which, under Aspen Group's ownership, have potential to generate higher returns.
"The addition of FreeSpirit to our portfolio is consistent with our strategy of becoming an industry leader in the affordable accommodation sector in quality locations.
END
For further information, please contact:
Joel Cann
Chief Executive Officer Phone:(+61) 2 9151 7500
Email: joelc@aspengroup.com.au
Emmanuel Zammit Chief Financial Officer
Phone:(+61) 2 9151 7500
Email: emmanuelz@aspengroup.com.au
Darwin FreeSpirit Resort
Aspen's largest addition to its tourism portfolio
Location
17km east of Darwin NT and located on Stuart Highway
Close proximity to new Palmerston regional hospital (opening 2018)
Source: Google maps
Palm villas
Family cabins
Inventory
430 high quality sites
Cabins 149
Campervan/Camping 281
Facilities
Full tourist park with a fully licensed food and beverage operation
3 resort pools, BBQ and picnic areas, jumping cushion, conference and events facilities
Opportunity
Earnings growth potential through
expanded F&B operation catering to guests, locals and events
continued development of business partnering and guest relationships
Elements Poolside Bar and Bistro
Darwin FreeSpirit Resort
Park Map
Aspen Group Ltd. published this content on 14 November 2017 and is solely responsible for the information contained herein.
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