Fund manager acquires another aged care investment
Fund manager Baron Vanilla has swooped on a West Leederville aged care investment – outlaying $12 million.
Emerald Life, on 4059 square metres at 78 Kimberley Street, opposite Cowden Park, can accommodate 91 clients in a mix of modern single and twin bed rooms, charged at $405,000-$550,000 per place.
Family owned and operated, the business focuses on dementia care.
Baron Vanilla will hold the asset via the BV Aged Care Property Trust No 2, forecasting a five year average cash return on equity of 7.7 per cent, per annum distributed monthly.
“This is the fifth syndicate established under the Baron Vanilla brand since 2021 and the 21st property syndicate to be established by the group,” a spokesperson said.
Including West Leederville, the group now manages real estate worth $185m (story continues below).
Funds under management approaches $200m
“The [BV ACPT2] trust is intended to be a multi-asset trust targeting the acquisition of residential aged care facilities nationwide and will remain open to investment during the term of the trust for future aged care facility acquisitions that meet Baron Vanilla’s strict investment criteria,” they added.
The deal comes 18 months since the local fund manager, on behalf of its Aged Care Property Trust, outlaid $10m for the Montana aged care facility, in Sydney’s exclusive Mosman.
With 60 beds, that property is tenanted to Hall & Prior until 2041.
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