Australia-listed lifestyle communities and holiday park operator Ingenia Communities is planning to buy up to A$552m (€344.7m) worth of assets.

The real estate investment trust (REIT) has contracted to buy assets totalling A$404m and is also in talks to buy assets worth A$148m.

The acquisition will add 693 additional income-producing sites and a further 548 potential development sites to Ingenia’s lifestyle portfolio.

Simon Owen, chief executive of Ingenia, told IPE Real Assets that the transactions will lift the firm’s portfolio from A$1.2bn to A$1.8bn.

To part-fund the acquisition, Ingenia has issued a fully-underwritten placement to raise A$475m – the largest capital raising by a REIT in Australia this year.

Owen said the group’s single-largest investor, Sun Communities, would be issued new shares pro-rata to its current holding of 10% in the group. Sun Communities would have a stake valued at A$250m in Ingenia.

Separately, Sun Communities had also invested A$100m with Ingenia to develop new greenfield sites.

Owen said Ingenia acquired a funds management platform in 2018 and would gradually launch new funds and bring additional capital partners into the business.

Currently, it runs a A$150m fund and is looking to launch a second fund, expected to raise A$100m, in 2022.

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