Invesco Real Estate is acquiring a portfolio of 29 retirement villages in Australia from Infratil and the New Zealand Superannuation Fund for A$845m (€473m).
Invesco said it would acquire RetireAustralia, which is owned by the listed infrastructure firm and the New Zealand sovereign wealth fund in an equal partnership, and managed by infrastructure investment manager Morrison.
RetireAustralia owns and operates senior living villages across New South Wales, Queensland and South Australia, containing over 4,300 independent living units, serviced and care apartments. It has a development pipeline with the potential to deliver up to 800 units across seven projects across the country.
Calvin Chou, head of Asia-Pacific at Invesco Real Estate, said: “The acquisition of RetireAustralia represents a unique investment opportunity to expand Invesco Real Estate’s presence in Australia’s rapidly growing senior living sector.
“The country’s ageing population, coupled with their rising wealth, is driving demand for alternative aged-care solutions, and RetireAustralia’s care-centric operating model is well positioned to meet this need. This investment aligns with our objective of diversifying our portfolio with high-quality assets, enabling us to consistently deliver robust income and capital growth.”
Brett Robinson, CEO of RetireAustralia, said: “Invesco Real Estate’s focus on long-term investment trends, combined with its strong track record of investing in the senior living sector across South Korea, Australia, and the US, position it as an ideal shareholder and partner for RetireAustralia.
“By working together, I believe we will create thriving communities where more older Australians can live and age well, meeting the country’s growing need for high-quality seniors housing and care as we address evolving demographics.”
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