Why the Ingenia (ASX:INA) share price is moving higher this morning

The Ingenia Communities Group (ASX: INA) share price is up 1.24% in early morning trade.

This follows on the company’s announcement of a major new acquisition as well as a trading update.

What did Ingenia report to send its shares higher?

In this morning’s ASX release, Ingenia reported it had acquired Merry Beach Caravan Park on the New South Wales South Coast for $20.5 million. The deal is scheduled to settle in March.

The new acquisition adds more than 540 cabins, sites, permanents and annuals to the company’s portfolio. Annuals provide approximatey two-thirds of revenue. This increases the size of its holiday offerings by more than 10%.

Around 3.5 hours south of Sydney, Merry Beach Caravan Park has walking tracks, a…