The ING Real Estate Community Living Fund looks set to reach its goal of having $1 billion in gross assets following an aggressive move into the United States.
In its first fund review, ILF has 92 properties diversified across the US, Australia and NZ with a value of $720 million.
ILF’s portfolio comprises 16 retirement communities in the US across 7 states totalling 2,873 units, 20 student accommodation assets totalling 1,166 units, 45 Australian retirement villages – 31 operational and 14 under construction totalling 3,419 units and three student accommodation assets in Wellington, New Zealand.
ILF’s chief executive Ian Muir said the US portfolio was at 94% occupancy, the US students at 96% occupancy and the Australian portfolio at 83%.
“The strong occupancies underscore the sound demographic demand, and also provide scope for further upside.
“The recent sale of the Westpac Village Life assets to MFS demonstrated the demand for good quality assets in the seniors housing sector where there is a history of strong occupancy,” he added.
By Adam Parsons