Aspen Group

What Aspen Group does

Aspen Group is an ASX-listed stapled security (ticker APZ) formed in 2001, comprising Aspen Group Ltd and Aspen Property Trust, that owns and operates a diversified portfolio of affordable accommodation assets across Australia. The company operates through three core segments: Aspen Living (residential rental and home/land sales, including the CoVE co-living sub-brand for students and young professionals), Aspen Lifestyle (land lease community villages for over-50s offering no stamp duty, council rates, or exit fees), and Aspen Holidays (cabins, caravan sites, and camping across NSW, SA, and NT destinations). The portfolio spans NSW, VIC, WA, SA, QLD, and NT, covering over 5,000 dwellings/sites with total assets exceeding AU$600 million, and targets approximately 40% of Australian households earning under $90,000 annually along with retirees 50+ and budget-conscious travellers.

The company earns revenue through three mechanics: recurring rental income from residential, co-living, and independent living properties (3–12 month leases); one-time home and land sales within lifestyle villages (including an optional deferred-management fee structure at Adelaide Villas); and nightly/weekly short-stay holiday park bookings. Distribution to securityholders is paid from operational cash flows and has grown from 3.10 cents (Dec-21) to 5.50 cents (H1 FY26 interim). Go-to-market is primarily direct-to-consumer via company-owned websites (aspengroup.com.au, aspenholidayparks.com.au) and on-site sales offices, supplemented by a channel partner (Villager Property) for CoVE Cooks Hill and standard ASX investor relations channels.

FY25 revenue was AU$108.1 million (+18% YoY) with a 53% net margin and AU$57.1M net income; H1 FY26 revenue reached A$69.97M with EBITDA up 29% and underlying EPS up 33%. Growth has been supported by an active acquisition programme (Lindfield, Perth Residential, Newcastle and Upper Mount Gravatt co-living communities, Burleigh Heads build-to-rent, Burwood VIC apartments, Mount Barker SA land) and the announced takeover offer for Eureka Group Holdings, positioning Aspen as a consolidator in affordable Australian accommodation. The core technology is a property management and accommodation operations platform; no AI/ML capabilities are disclosed in the available materials.

Name

Aspen Group

Legal name

Aspen Group Ltd

Website

https://aspengroup.com.au

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

Aspen Group is an ASX-listed (APZ) Australian affordable accommodation provider operating three segments — Aspen Living (residential/co-living), Aspen Lifestyle (land lease communities for over-50s), and Aspen Holidays (holiday parks) — across 6 states with over 5,000 dwellings/sites and AU$600M+ in assets.

Ownership category

akta.pro rank

Product category

Affordable Accommodation and Residential Property

NAICS

Rental and Leasing Services (532), Lessors of Other Real Estate Property (531190)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Real Estate Operators (No Developers) & Lessors (6510), Operators Of Apartment Buildings (6513)

akta.pro primary industry

Seasonal & Long-Term Campsites (Snowbirds, Extended RV Stays) (THAMAJAF)

akta.pro secondary industry

Mountain & Ski Homes (THAMAAAG)

Keywords

• Residential property rentals
• Lifestyle villages
• Holiday parks
• Affordable accommodation
• Co-living communities

Headquarters

HQ city

Bondi

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Residential Property Rentals: Recurring rental income from residential properties including apartments, co-living units (CoVE brand), and independent living units. Rental periods range from short-term (3 months) to long-term (12 months) leases. Income includes rental payments with utilities sometimes included.
2. Lifestyle Village Home Sales and Land Sales: One-time property sales of homes and land lots within lifestyle villages. Developers sell completed homes or land parcels to retirees seeking resort-style community living. No deferred management fees mentioned but Adelaide Villas offers deferred-management fee option for home access.
3. Holiday Park Accommodations: Short-term accommodation rentals at holiday parks including cabins, powered sites, and villas. Revenue from nightly and weekly stays across multiple holiday park locations in NSW, SA, and NT.
4. Securityholder Distributions: As an ASX-listed stapled REIT (APZ), Aspen Group pays distributions to security holders. Distribution income derived from operational cash flows of accommodation properties. Distribution history shows consistent growth from 3.10 cents (Dec-21) to 5.50 cents (H1 FY26 interim).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Aspen Group owns, develops, and operates affordable accommodation properties across Australia through three core segments: Aspen Living (residential rentals, apartments, and CoVE co-living spaces), Aspen Lifestyle (over-50s land lease lifestyle villages sold without stamp duty or exit fees), and Aspen Holidays (holiday parks with cabins, caravan sites, and camping across NSW, SA, NT, and WA). The portfolio exceeds 5,000 dwellings/sites and AU$600 million in total assets.

Product overview

Aspen Group operates as an integrated accommodation provider with three core segments: Aspen Living (residential properties including CoVE co-living brand), Aspen Lifestyle (land lease community villages for over-50s), and Aspen Holidays (holiday parks and cabin accommodation). The portfolio spans metropolitan and regional areas across NSW, VIC, WA, SA, QLD, and NT, with total assets exceeding $600 million and over 5,000 dwellings/sites. The company offers properties for sale, rent, and lifestyle lease, targeting households earning under $90,000 annually.

Differentiator

Problem solved

Functional benefit

Brands

• CoVE: Co-living brand offering shared accommodation for students and professionals, with locations including Cooks Hill NSW and Upper Mount Gravatt QLD

Products and services

• Aspen Living Residential rental segment offering affordable apartments, co-living spaces, and rental properties for households, students, young professionals, and over-55s independent living across metropolitan and regional Australia.
• Aspen Lifestyle Land Lease Community lifestyle villages for residents over 50, offering resort-style living with home and land sales priced without stamp duty, council rates, or exit fees across NSW, SA, VIC, and WA.
• Aspen Holidays Holiday park network offering cabins, powered caravan sites, and camping accommodation across coastal and regional destinations in NSW, SA, NT, and WA for short-stay travelers and families.
• CoVE Co-Living Co-living brand offering furnished private rooms with shared communal spaces, targeting students, young professionals, and workers with tiered pricing by room type and lease duration and a 5% verified-student discount.

Quantifiable outcome

• 18% year-on-year revenue growth (FY25: AU$108.1M vs AU$91.6M FY24)
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Villager PropertyminorChannel Partner/ Reseller/ DistributorVillager Property serves as the external property management agent for CoVE Cooks Hill co-living property in Newcastle NSW. The agent handles all tenant inquiries, property viewings, rental applications, and ongoing lease management for the property located at 82 Parkway Avenue, Cooks Hill NSW 2300. Contact: 0488 068 680 or [email protected].

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ingenia Communities: ASX-listed owner and operator of lifestyle and holiday parks across Australia. Closest like-for-like peer given overlap in land lease communities, holiday parks (cabins, caravan sites), and affordable-housing positioning.
• Eureka Group Holdings: ASX-listed operator of retirement villages in regional Australia. Direct peer in Aspen Lifestyle's over-50s residential segment; subject of Aspen's announced intended takeover offer, highlighting strategic overlap.
• Lifestyle Communities: ASX-listed developer and operator of affordable land lease communities in metropolitan Melbourne. Closely comparable business model to Aspen Lifestyle, targeting downsizers and retirees seeking no stamp duty / no exit fees.
• Discovery Parks: Australia's largest holiday park network, owned by GIC/Blackstone. Direct competitor to Aspen Holidays with overlapping coastal and regional locations (NSW, SA, NT) and similar cabin/caravan/tent site product.
• Big4 Holiday Parks: Franchise network of independently-owned holiday parks across Australia. Comparable to Aspen Holidays' caravan park and cabin offerings, particularly in NSW, SA, and NT catchments.

Broad incumbents

• Aveo Group: Largest ASX-listed retirement living operator before its 2024 take-private. Overlaps with Aspen Lifestyle in independent living and land lease communities but operates at significantly larger scale and broader national footprint.
• Mirvac Group: ASX-listed diversified property developer with material residential rental and build-to-rent exposure. Overlaps with Aspen Living's residential and co-living segments but at materially larger scale and broader geographic footprint.
• Stockland: ASX-listed diversified property group with retirement living and residential land lease communities. Comparable in the lifestyle/over-55s segment, though Stockland's portfolio spans retail, commercial, and masterplanned communities at much greater scale.

Regional players

• NRMA Parks and Resorts: Mutual-owned operator of holiday parks and resorts primarily across NSW and WA. Comparable to Aspen Holidays on cabin and caravan offerings, with strong regional brand presence in overlapping markets.

Others

• G8 Education: Adjacent operator of childcare centres co-located with residential property assets. Thematically comparable as an ASX-listed property-backed income trust serving essential consumer needs, though the operating model is different.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/people/Aspen-Lifestyle/61562429518075
• LinkedInau.linkedin.com/company/aspen-group-limited
• Instagraminstagram.com/aspen_lifestyle_villages

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aspen Group