Eureka Swipes Six Ingenia Assets in $124M Deal
Synopsis
Eureka Group is swooping on six Ingenia assets in a $124 million transaction, with investors being tapped for fresh capital. The acquisition adds another significant piece to Eureka’s expanding Australian property portfolio.
Eureka is set to raise equity to acquire the six lifestyle and mixed-use communities being sold by Ingenia Communities for $123.8 million.
The deal comes as part of a series of portfolio adjustments made by the ASX listed property companies and follows the FY26 earnings report of Ingenia Communities.
Eureka expands beyond 4,000 sites
According to the transaction data posted on September 3, the 6 assets consist of a mix of land-lease retirement communities and holiday parks.
Ben Cottle-backed rentals player Eureka Group's revenue revival at $56.7mn in FY26, representing a growth of 24% compared with FY25. Rental income grew 32% to $44.9 million and underlying EBITDA increased by 29% to $21.7 million.
The assets managed by Eureka at June 30, 2026, had grown to $500 million from $388 a year before. It now has a portfolio of more than 4,000 homes and sites, rising 26%.
At the end of FY26 Eureka had 97% occupancy for seniors portfolio and 95% occupancy for all-age long term rentals.
Ingenia reports $555.3M revenue
The deal comes after the results of Ingenia Communities for FY26, reported on August 25. Group revenue grew by 8% to $555.3 million and underlying profit grew by 16% to $145.8 million.
Ingenia's group EBIT rose by 18% to $193.4 million, and statutory profit grew by 45% to $186.4 million. Earnings per security came in at 35.8 cents.
The company sold 573 new homes in FY26 and had an approximately 8,800-site development backlog for the year.
Ingenia has a property portfolio of over 16,400 homes, villas, cabins and sites through its land-lease, rental and gardens and holiday businesses.
Australia’s $12B land-lease market
The sale is part of the growth in Australia's land lease industry. According to the Property Council of Australia's report Land Lease on the Rise, which was released in February 2026, the sector was estimated to be worth approximately $12 billion.
There have been previous portfolio transactions between Eureka and Ingenia. In 2023, Eureka has entered into a contract to purchase six senior rental villages in WA from Ingenia (Ingenia House) for $44 million, which includes 321 units.
This recent purchase is almost three times as big as the earlier one and is Eureka's last acquisition in the drive for more seniors and rental housing in Australia.
Source: AFR
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
