This article is from the Australian Property Journal archive
AUSTRALIA’S third-largest superannuation fund, Aware Super, has acquired the remaining 30% of Oak Tree Group, making it one of the largest owners of retirement living assets in Australia and giving it a $5 billion global residential living portfolio.
Aware Super made an initial commitment of 70% into Oak Tree in 2017 as its first investment in the retirement living sector.
Oak Tree has more than 1,900 residents living across 48 villages, with about 1,500 independent living units operational more than 1,000 in development in Queensland, NSW, Victoria and Tasmania.
“Australia’s Baby Boomer generation is wealthier than previous generations and combined with the strong demographic tailwinds makes the retirement living space a high conviction sub-sector within our $5 billion living portfolio,” said Aware Super head of property Alek Misev.
“We have multiple villages experiencing waitlists which confirms an undersupply in quality units catering for the 55-plus cohort who will represent about 31% of our national population by 2030.”
Aware Super’s global portfolio includes an $850 million commitment to the build-to-rent sector in Australia, and investments in the United States, United Kingdom, the Netherlands and Spain.
In recent years it has made a major investment in the Lendlease Retirement Living Trust.
A year ago, it established a new property platform to oversee its $1.5 billion worth of directly- owned properties that includes build-to-rent projects in Sydney, Canberra, Perth, and in Melbourne, where together with Altis Property Partners it has just purchased a development site in Preston and has a project on the former Bayview on the Park hotel site in the St Kilda Road precinct.
