SYDNEY, AUSTRALIA: Aspen Group (ASX: APZ) has acquired 41.16 million shares in Eureka Group Holdings Limited (ASX: EGH) representing 13.7% of its total shares on issue.

The total cost of the acquisition was $16.1 million.

Both Aspen Group and Eureka Group provide quality accommodation on affordable terms. Aspen owns a diversified portfolio of residential, retirement and park communities valued at approximately $450 million.

Eureka owns mainly rental apartments in retirement communities valued at approximately $185 million. We believe both groups are working to reduce the undersupply of affordable accommodation.