Stockland Pays $22 Million For Three Retirement Villages

STOCKLAND has paid $22 million for three retirement villages.

The complexes were offloaded by Retirement Villages Group (RVG)), a struggling unlisted retirement fund run by the FKP Property Group and Macquarie Bank.

The portfolio acquisition adds 376 to the number of independent units offered by Stockland. Combined with serviced apartments, it now manages a total of 7403 dwellings.

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Ingenia Communities Sells Corio Retirement Village to Residential Developer For $3.1 Million

INGENIA Communities, formerly controlled by Dutch investment giant ING and from earlier this month, a separate ASX listed company, has sold the Lovely Banks Gardens near Geelong.

The 65-unit village Corio village sold conditional on a rezoning which would allow for a residential redevelopment. A Victorian developer is said to be purchasing the site near Lindsay Fox’s Avalon Airport.

In 2010, Ingenia ruled the “poor performing” asset as “non core” to its portfolio. It will pump funds from the sale into other developments, conversions and acquisition opportunities it is hoped will earn a return-on-investment of some 20 per cent.

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Southern Cross Care Pays More than $8 Million For Adelaide’s Carmelite Monastery Site

AGED care accommodation provider Southern Cross Care has paid more than $8 million for a landmark Adelaide property controlled by the Catholic Church for more than a hundred years.

The former Carmelite Monastery at Myrtle Bank includes a 24,000 square metre residential zoned site at the corner of Glen Osmond and Cross roads, in Adelaide’s ritzy east.

Southern Cross, which is developing a luxury apartment complex across the road from Carmelite, will settle on its purchase just before Christmas.

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AMP, Meridien to Sell Portfolio of 12 South Australian Retirement Villages For More than $100 Million

AMP Capital Investors and the Meridien Group can expect to make between $100 million and $150 million from the sale of 12 South Australian retirement villages.

The portfolio includes 946 retirement village units, and 246 serviced apartments. The joint venture owners confirmed it will accept off-market offers on the assets as a whole, or individually.

The joint venture owners will retain villages in New South Wales and Queensland.

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Out With The Old at Phillip Island

THE owners of a 26-hectare Phillip Island farm, until three years ago owned by AMP Capital Investors and earmarked to become a retirement village, have applied to Bass Coast Shire Council to remove the entire aged-care component of the proposal.

The owner of the site paid AMP a reported $8 million for the Ventnor Road block and a permit for a 184-lot residential subdivision.

A major aged-care complex and community facilities were required to be developed as part of that permit. However, the council will now decide on whether to issue a new permit resulting in the entire farm, about three kilometres south-west of the centre of Cowes, being subdivided into 304 standard residential lots.

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Lend Lease to Acquire Balance of Lend Lease Primelife Group

Lend Lease today announced a bid to acquire almost 57 per cent of the Lend Lease Primelife Group.
A copy of the announcement is below:


Lend Lease Corporation (“Lend Lease”) today announced that it has entered into a Scheme Implementation Agreement (“SIA”) with Lend Lease Primelife Group (“Primelife”) under which Lend Lease will acquire all of the securities it does not already own in Primelife for A$0.31 per security. Lend Lease currently owns 43.2% of the securities in, and is the manager of, Primelife.

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Northcote Aged Care Facility to be Sold

ANOTHER religious based group is disposing a prime located suburban asset, which is likely to be redeveloped as flats.

This time, in Northcote, Churches of Christ Community Care is selling the former Fred Combridge House aged facility at 1A Campbell Grove, and high on Ruckers Hill (aerial image, right).

The former 30-bed facility is spread across a 2712 square metre site, and, according to Fitzroys selling agents Charles Emmett and Geoff Emmett, is expected to arouse developer interest and sell for between $5 million – $5.5 million, reflecting a rate per square metre of land, of approximately $1850 – $2000.

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Stockland to Double Retirement Portfolio, Appoints New Head

SYDNEY-based developer Stockland is continuing to ramp up its potentially lucrative retirement living division, appointing former management consultant David Pitman to the new role of group strategy head.

Mr Pitman said he wants to double the group’s retirement portfolio to about 8,000 units over the next five to six years, which would boost department earnings from the current 7 per cent it contributes to Stockland’s total coffers.

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