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Lifestyle Communities Provides Clyde Acquisition and Refinancing Update

30 Jun 2020  |  08:35:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Lifestyle Communities Clyde Acquisition and Refinancing

Lifestyle Communities advised that it has executed a contract of sale to purchase a 9-ha site located in Clyde, Vic. The site has been acquired on 3-year terms and settlement is expected to occur in mid-2023, with construction anticipated to commence soon afterwards. Melbourne's south east-growth corridor is already home to 330,000 people aged over 50 and this demographic is forecast to grow over the next 20 years. The Clyde site is located 5.5km from the land acquisition in Clyde North. The Company advised that it has increased its existing facility with CBA, NAB and HSBC by $50m and extended its tenor under the existing Common Terms Deed.

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