Australian Unity’s Retirement Village Property Fund (RVPF) has purchased its second property, the Morven Manor Retirement Village in Mornington, Victoria.
Morven Manor Retirement Village has 86 independent living units and a wide range of community and recreational facilities for residents including a library, medical consulting suite, hairdressing salon, theatre and billiards room. Once the purchase is completed, Australian Unity Retirement Living (AURL) will become the operator of the village.
RVPF, which made its first purchase in September this year – the Geelong Grove Retirement Village – provides institutional investors with access to the growing retirement village property sector and combines the expertise of Australian Unity’s property funds management and retirement living operations.
Mr Chris Smith, Australian Unity Investments’ (AUI) head of healthcare and retirement property funds, said that the Morven Manor Retirement Village met the strict investment criteria of RVPF, including location, facilities and the quality of the development.
“This was an excellent opportunity to acquire a well-established retirement village with strong long-term growth prospects, in a location with strong underlying demand for retirement living.
“With Australia’s ageing population, we anticipate that demand for retirement communities will continue to grow and those in attractive locations with high-quality facilities, such as Geelong Grove and Morven Manor, have good long-term fundamental benefits, which will support the value of the portfolio,” Mr Smith said.
Mr Robert Putamorsi, general manager – commercial for AURL, said that the business’s experience in operating retirement villages is also a benefit to investors in RVPF.
“Well-managed retirement villages, offering the services and lifestyle facilities that residents desire, are proving increasingly attractive to older Australians. As a result, they are also attractive to investors, who benefit from the higher occupancy levels, better yields and strong capital growth.
“We are continuing to enhance and develop the villages that we operate in order to deliver the lifestyle that residents are looking for, as well as achieve returns for investors,” Mr Putamorsi said.
Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity. It has $11.4 billion in funds under management as at 30 November 2011. Its investment approach is to use its established in-house expertise in property and mortgages while also forming joint ventures and strategic alliances with other organisations with specialist expertise.
Australian Unity Retirement Living owns and manages a range of residential communities for older Australians across Victoria and New South Wales. These facilities offer more than 1,750 home units, 451 aged care beds and 180 ambulatory and community care packages. The business’s approach is to support people in a range of accommodation settings by providing health, care and lifestyle services that support their personal and community wellbeing.
For more information please contact:
Chris Smith – 03 8682 4534 or Robert Putamorsi – 03 8682 6211
14 December 2011