Vesture (VES) has acquired the Commliving and Strataworld strata management businesses in Victoria. The businesses specialise in the management of large community schemes. The majority owner and CEO of Commliving, Mr Bryan Forby, will continue to manage the business on a long term agreement. The acquisition of the Commliving and Strataworld portfolios will increase the lots under management of Vesture’s Victorian business by approximately 10%.
The expected increase in EBITDA for the 2013 year as a result of the acquisition is projected to be approximately $500,000. The acquisition price is $1.585 million, made up of cash of $1.024 million and the issue of 4.678 million Vesture fully paid ordinary shares (at an issue price of 12c).
Tags: acquisition, Management Rights, Property Management, VES, Vesture
