Aspen Group raising $20m

Aspen group operates holiday and caravan parks

Aspen Group has tapped Moelis to raise $20m through a placement and share purchase plan.

The accommodation real estate provider will secure $17m by way of a placement.

Shares are being sold at $1.10, a 7.9 per cent discount to the last closing price of $1.195.

The funds are being used to strengthen Aspen’s balance sheet after two recent opportunistic acquisitions, including a build-to-rent property at Burleigh Heads and the Cooks Hill Co-Living Community at Newcastle.

They will also provide funding flexibility to deliver on its key strategic priorities of gaining scale and dominance in the affordable accommodation sector.