ING Real Estate Community Living Fund is looking to increase its foothold in the regional seniors housing market through a joint venture with Country Club Villages.
Yesterday, the fund through its JV with Country Club Villages purchased the Meadow Gardens Retirement Village in Ballarat, Victoria.
Meadow Gardens is a developing retirement village comprising 100 completed units, with a further 51 to be constructed. The village is operated under the deferred management fee model and is a strategic addition to the joint venture which also owns Hemsley Park and Rosebank Retirement Villages in Ballarat.
The village was purchased in an off-market transaction with ILF’s 27% share equating to a total value of $1.9 million. The acquisition has been 100% debt funded within the joint venture.
ILF’s chief executive Ian Muir said this is the first of many transactions the fund intends to undertake within the Country Club Village Joint Venture.
“It demonstrates how we intend to use our existing joint venture partnerships to deliver on our strategy of growing ILF’s Australian Seniors Housing portfolio,” he added.
Country Club Villages’ director Stewart Gull said the acquisition will give CCV a dominant position in the regional Victorian seniors housing market.
The addition of Meadow Gardens to the CCV portfolio increases the total number of completed units to 387 and those proposed or under construction to 1,105.
This acquisition increases the total number of seniors housing units within the ILF portfolio to 9,852 units.
By Adam Parsons
