Acquisition of Land at Coorong Quays

Key points

• Aspen Group acquires 1 hectare land lot adjacent to Alexandrina Cove Retirement Village
• Consideration is 521,000 Aspen Group stapled securities valued at $1.28 million
• Intends to seek approval to expand Alexandrina Cove Retirement Village by 25-30 Lifestyle houses

Full summary

Aspen Group (ASX: APZ) has announced the acquisition of a 1 hectare land lot at Coorong Quays, South Australia, adjacent to its Alexandrina Cove Retirement Village (ACLV). The vendor is a private company associated with Mr. Viv Padman OAM, who requested all-scrip consideration instead of cash. The agreed consideration is 521,000 Aspen Group stapled securities (APZ) with a value of $1.28 million based on the closing price of APZ on ASX on 13 December 2024 of $2.46 per security. Aspen intends to seek approval to use the land to expand ACLV by an additional 25-30 Lifestyle houses. If approved, the consideration would equate to $43-51k per approved site.