The PrimeLiving Trust has bought two retirement villages in Maroochydore and Mackay in Queensland from the Regis Group.
The trust is an unlisted acquisition trust jointly owned and managed by Primelife, Babcock & Brown Limited and MFS Limited.
Primelife’s managing director Jim Hazel said the purchase increases the existing units under management within Primelife by 336 units and strengthens Primelife’s position in Queensland.
“This takes the number of units owned by the PrimeLiving Trust and managed by Primelife to 2209, with a further 378 units under development. The Regis Group villages are an excellent addition to PrimeLiving Trust’s portfolio of high quality retirement assets,” he added.
Primelife will be responsible for all operational management of the Regis Group villages and will have an option to acquire the retirement villages from the Trust at appropriate market prices.
The purchase includes the Allora Gardens Retirement Village in Maroochydore on the Sunshine Coast approximately 100 km north of Brisbane.
The village comprises a mix of two and three bedroom accommodation and supporting community facilities including a resident hall and dining area, kitchen and bar, covered outdoor entertainment area, indoor and outdoor swimming pools and administration areas.
The trust also bought the Eaglemount Retirement Resort, situated within the regional city of Mackay, approximately 1,000 km north of Brisbane.
The village comprises a mix of two and three bedroom accommodation and supporting community facilities including a resident hall and dining area, kitchen and bar, covered outdoor entertainment area, indoor swimming pool and administration areas.
By Kathryn O’Meara
