US owned Hometown Australia, a subsidiary of Hometown America Corporation has announced that it has 90 per cent of the shares in Gateway Lifestyle, the company which owns over-55s village Acacia Ponds in Millingandi.
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The percentage share triggered a compulsory acquisition process by Hometown with a closing date of Monday, October 15.
Acacia Ponds is one of about 50 such communities located on the east coast of Australia owned by the company. Hometown Australia runs a similar business with communities in five locations in NSW and Queensland. The company manufactures homes on estates aimed at retirees who purchase a leasehold property and pay rent for the land.