Aspen Group (ASX:APZ) entered into a conditional contract to acquire a new accommodation complex in Australind, Western Australia for AU$32.3 million, excluding transaction costs, according to a Wednesday Australian bourse filing.
The property was developed by Albemarle for the planned expansion of its Kemerton lithium project, which is no longer proceeding.
A large 18-hectare site is zoned for residential use and the approved structure plan allows for around 450 residential dwellings.
Aspen will seek to reposition the property into a residential rental and land lease community, subject to council and other approvals.
The settlement of the transaction, which is expected to be debt-funded, is expected to occur in May.
Company shares rose 7% in recent trade.
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