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.
Distributed by Public, unedited and unaltered, on 13 November 2017 23:03:04 UTC.

Original documenthttp://www.aspengroup.com.au/wp-content/uploads/2017/11/1739404.pdf

Public permalinkhttp://www.publicnow.com/view/F332FF965A59B0F2424688161F9E2DF62B680B0D