Aspen adds $8.5m to its parks property fund

Perth property group Aspen Group announced this week that its Aspen Parks Property Fund has acquired Horseshoe Lagoon in Moama NSW for $8.5 million.
Settlement is expected mid April.
Situated on the Murray River, Horseshoe Lagoon is directly opposite another of the Fund's properties, Yarraby Holiday and Tourist Park, which has generated stable income on the Victorian side of the river to complement other seasonal tourist parks within the portfolio.
Horseshoe Lagoon is property acquisition number 14 for the fund and combined with existing properties, generates a total of $94 million in assets under management.
Aspen Parks will fund the acquisition through its existing debt facilities and believes it is well on track to achieving its objective of $150 million in assets by July 2009.
Aspen Group Managing Director, Angelo Del Borrello said the acquisition increases the Fund's eastern states presence and given its close proximity to Yarraby Park would enable economies of scale to be derived through a rationalised management structure.