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Company News Summary

Lifestyle Communities Announces Acquisition of a New Site in Pakenham

14 Feb 2020  |  15:25:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Lifestyle Communities acquires a new site in Pakenham

Lifestyle Communities advised that it has executed a conditional contract of sale to purchase a site located in Pakenham, Victoria. Land settlement is expected to occur during the first half of 2022 with construction anticipated to commence soon afterwards. This acquisition, which is conditional on Lifestyle Communities being issued with a suitable planning permit, will allow for the construction of 170-180 homes and will be the Company's 20th Community. As a result of the Pakenham acquisition, Lifestyle Communities portfolio will increase by 175 home sites to 3,960 which includes sites in planning, development or under management. The Packenham project is expected to deliver first customer home settlements in the 2023 financial year.

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