This article is from the Australian Property Journal archive
ING Real Estate Community Living Group has sold the Kingston Gardens retirement village in Hobart, Tasmania for $3 million.
The price is a premium to the independent valuation as at December 31 2009 of $2.3 million.
The property has been purchased by Centacare, part of the Archdiocese of Hobart. Kingston Gardens comprises 50 studio and one-bedroom units with an occupancy rate of approximately 50% at June 30 2010.
ILF CEO Simon Owen said the sale of Kingston Gardens is a positive outcome for the fund as it supports current valuation levels and is earnings accretive.
“The divestment of Kingston Gardens is part of an ongoing strategy to divest non-core or underperforming villages and utilise the proceeds to reduce gearing and fund growth initiatives across existing core assets,” he added.
ILF will announce its FY2010 results on August 30.
Australian Property Journal
