Eureka Group Holdings (ASX:EGH) will acquire Burrum River Caravan Park in Queensland for AU$5.3 million, according to a Friday filing with the Australian bourse.

The park includes 55 manufactured homes, 37 powered caravan sites, which the company plans to convert into long-term rentals, subject to council approval, the filing said.

The company targets a five-year unlevered internal rate of return of 17.3% under certain assumptions, the filing added.

Settlement of the acquisition is expected before the end of the fiscal year.

Shares of the company rose past 1% in recent Friday trade.

Price (AUD): $0.49, Change: $+0.0050, Percent Change: +1.04%