Aspen Group announced that it has settled the acquisition of the Lewis Fields Retirement Village ("Lewis Fields'') in Strathalbyn, South Australia. Lewis Fields is the premier retirement village in Strathalbyn and the only one under development and offering new houses. The property spans 3.7 hectares and is approved for a Retirement Village with 80 houses of which 26 have been built to date, including the community building and landscaped gardens. Strathalbyn is experiencing population growth due to its attractive amenity, affordability and close proximity to Mount Barker and Adelaide. This is Aspen's fifth acquisition in fiscal year 2021 and adds to the Group's substantial cluster in South Australia. The acquisition increases Aspen's total approved sites to 2,745 representing growth of more than 25% in fiscal year 2021. The company proposed to develop and sell the remaining 54 houses under a land lease community model subject to the relevant approvals being obtained, as it is a more attractive product for its customers. The company also intend to reduce exit fees for existing residents. The property has been independently valued at $2.40 million which is slightly above the purchase price of $2.36 million. The valuer applied a 17% discount rate on the contracted deferred management fee stream and a rate of $600,000 per hectare on the spare land which equates to approximately $25,000 per approved site. Aspen continues to selectively redeploy capital from its Perth residential portfolio where it is more beneficial to sell than to re-lease once tenants vacate and refurbishment works are completed. The company has so far settled the sale of 2 houses and entered into conditional contracts on another 3 for an average price of $418,000 and average profit margin per house of $94,000 after all costs.