Village Life has entered into a three year Master Management Agreement with ING Community Property Management Pty.
The ING Community Property Management oversees the ING Real Estate Community Living Fund which has lease obligations over 28 Village Life senior accommodation homes.
“The Master Management Agreement with ING is substantially in accordance with the company’s earlier releases of February 24, and March 01, whereby Village Life surrenders its ownership of 5.1 million units in ILF to ING, in consideration of the termination of its previous lease arrangements with ILF,” Village Life’s chairman Greg Gardiner said.
Meanwhile, ILF recently reported an increase in occupancy rates over its 28 properties Village Life property portfolio from 71% to 78% over the six month period from September 2005 to March 2006.
By Adam Parsons
