Retirement village and holiday park owner Ingenia Communities Group is in the market for fresh funds.
As first reported by Street Talk, Ingenia will seek to raise $74 million via an underwritten institutional placement and rights issue via brokers Moelis, Morgans and Petra Capital.
According to a termsheet obtained by this column, Ingenia will issue new shares at $2.60 each which was an 8 per cent discount to the $2.74 a share closing price on Tuesday.
It is understood Ingenia's big institutional shareholders including Cohen & Steers, Vanguard and Ellerston Capital are being sounded out about the offer.
Funds raised would go towards the purchase of four established lifestyle parks, including two in the rapidly growing Brisbane market.
Ingenia is also increasingly turning its eye to greenfield opportunities and they are expanding their development pipeline with a fully approved 196-site development south of Coffs Harbour.
The acquisitions will include 740 income producing sites and 320 development sites bringing the total to 2600 homes across the group.
