Queensland based publicly listed Eureka has set out to purchase another six rental villages on top of the nine they have already purchased this year.

They successfully went to the institutional market to raise $12.5M which was oversubscribed. The lead managers in raising the funds were CCZ Equities, Canaccord Genuity and Co-Manager Hunter Green.

Eureka has also offered up to $15,000 in new shares to existing investors to raise $2.5M additional funds.

They estimate there are 300 rental villages in Australia. This leaves about 240 that Eureka can target to buy after theirs and Ingenia’s holdings. The general view is that it is uneconomical to build new villages. Eureka will add new villas to its existing villages however.