ING Real Estate Community Living Fund has transfered the management of the fund's Village Life portfolio to SCV Group.
The fund’s Village Life portfolio consists of 32 retirement communities comprising 1,644 units and eight manager’s units.
SCV will manage the asset for two years.
SCV currently manages 16 communities, of which three are owned by the fund.
ILF will also subscribe for a 10% stake in the upcoming SCV capital raising for approximately $3 million. ILF taking this stake will provide a strong alignment of interest between owner and operator and will provide ING Real Estate with one representative on the SCV board.
The fund and SCV will work closely together to enhance the occupancy and the underlying value of the Village Life portfolio.
Australian Property Journal
