ING Real Estate Community Living Fund has signed an exclusive agreement with Brisbane based Oak Tree Group to source a portfolio of seniors accommodation.
ILF has entered into a 50% joint venture with the OTG, where the JV will have the first option to acquire up to 5,000 seniors accommodation units sourced by OTG.
OTG is a private group based in Brisbane that has substantial previous experience in the successful construction of long leasehold assets in the child care industry. OTG has identified a substantial pipeline of future seniors accommodation sites at attractive locations throughout Australia.
The OTG villages will average 80 units each and will operate as a Deferred i want to buy valtrex Management Fee model. The JV intends to operate these villages under the Oak Tree brand.
The first village to be constructed has been agreed by the JV partners and is located in Goodna, Queensland. The site is located in the eastern part of Ipswich City Council, which is fast growing with population growth between 1996 – 2001 showing 2.5 times the state average.
The property will comprise 69 one and two bedroom units. The Goodna Village is due for completion in the second half of FY 2007. The project has total construction cost of $9.5 million with an IRR of 21.7%.
By Kathryn O’Meara
