THE Babcock & Brown Communities Group is increasing its Queensland exposure through the purchase of The Lakes Retirement Village in Bundaberg for $27.1 million.
The Lakes comprises a 259 Independent Living Unit retirement village and surplus land that has development approval for a further 78 ILUs, a residential aged care facility and a medical centre.
BBC’s managing director John Martin said The Lakes is considered one of the premier retirement villages in the region.
“It further strengthens our position in QLD following our announcement on 5 September 2007 of the acquisition of management rights for 12 retirement villages principally located in coastal
“Also, the future ILU development allows BBC to achieve lower risk development profits given the established nature of the village and presence of existing community facilities,” he added.
The acquisition is forecast to be earnings and cash accretive to BBC.
Australian Property Journal
