Clarence lines up SEQ aged care homes for new fund
Clarence Property has lined up four seed assets for an aged care fund now seeking wholesale backers.
On the Sunshine Coast, the portfolio includes Glasshouse Views at Beerwah and Buderim Views
Seaton Place Cleveland in Brisbane also forms part of the deal.
Sandbrook Burleigh Waters on the Gold Coast also forms part of the deal.
All are leased to not-for-profit Bolton Clarke, which is three years into a 25 year agreement.
After 2054, it will be presented with the first of two 10 year options.
The tenant is also responsible for all outgoings including land tax, and capital expenditure (continues below).
Clarence Property Aged Care Fund
The overall price, to be confirmed after adjustments, is $191,000 per bed – 57 per cent reductio to replacement cost ($450,000), the asset manager said in promotional material calling for investors.
Collectively, they span 4.07 hectares.
The closed-ended Clarence Property Aged Care Fund is expected to run between five and seven years, proposing a 7.5 per cent average distribution yield (but 7.1pc for year one).
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