Eureka Group Holdings (ASX:EGH) is seeking to raise AU$70.4 million to fund its strategic acquisitions, according to a Thursday filing with the Australian bourse.

The company identified acquisitions with a total expected investment of AU$49.9 million and AU$7.5 million of village expansion opportunities. The acquisitions are mainly located in Queensland and will add 479 units and 30 development units to Eureka Group Holdings' portfolio.

The equity raising comprises a AU$55.4 million 1-for-3.4 non-renounceable entitlement offer and a AU$15.0 million institutional placement.

MA Moelis Australia Advisory and Morgans Corporate are acting as book runners, underwriters, and joint lead managers on the equity raising.

The acquisitions and equity raising are expected to boost the growth of fiscal 2025 underlying EBITDA by at least 16% and underlying earnings-per-share by at least 8%.

Eureka Group Holdings also appointed non-executive director Russell Banham as non-executive chair. Banham will succeed Murray Boyte, who will retire in the first half of 2025.