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Eureka Group Holdings Acquires Queensland Holiday Park for Nearly AU$7 Million; Shares Fall 18%

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Eureka Group Holdings (ASX:EGH) agreed to acquire Townsville Lakes Holiday Park for AU$6.8 million, with the transaction delivering an initial yield of 9.1% including transaction costs, according to a Monday filing with the Australian bourse.

The 110-site park comprises 26 short-term cabins, 82 powered ensuite sites, and two park-owned rentals, per the filing.

The company expects further upside from site reconfiguration and converting short-term accommodation into long-term housing or land-lease homes, targeting an unlevered five-year internal rate of return above 18%, the filing said.

The acquisition is expected to expand the company's all-age rental portfolio by 8%, as the group continues to evaluate around AU$120 million in additional acquisition opportunities.

Settlement is expected to be reached before the end of August, the filing added.

The company's shares fell 18% in recent Monday trade.

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