Aspen Group (ASX:APZ) acquired a one-hectare land in South Australia adjacent to the Alexandrina Cove Retirement Village for 521,000 stapled securities in the company worth AU$1.3 million, according to a Monday filing with the Australian bourse.

The consideration equates to AU$43,000 to AU$51,000 per site once approved.

The company plans to use the land to expand the retirement village by an additional 25 to 30 Lifestyle houses, the filing said.

The property investment company's shares rose more than 1% in morning trade Monday.

Price (AUD): $2.49, Change: $+0.03, Percent Change: +1.22%