This article is from the Australian Property Journal archive
ING Real Estate Community Living Group will internalise the management of its Australian rental portfolio by September 30.
The internalisation of the 32 SCV Group managed villages and three SCV leased villages will provide ILF with direct management of the assets.
The group said it is a further step towards becoming a fully integrated owner/operator within the senior’s rental market.
Terms between ILF and SCV have been agreed and will result in the early termination of the Master Management Agreement of 32 senior rental properties (Garden Village portfolio) and the three leased properties. In consideration of the early termination of the 3 existing lease agreements SCV Group Limited has agreed to a payment of $1.5 million to ILF.
“The transition to in-house operational management is a step closer in our goal of positioning ILF as a leading end-to-end service provider in this sector. Early access to the assets allows the management team to implement targeted occupancy growth strategies and start building the Garden Villages brand in local markets,” ILF’s chief executive Ian Muir said.
Muir said by owning and operating its rental portfolio, ILF aims to realise a number of benefits including;
• Improved property performance by driving occupancy growth.
• A direct relationship and engagement of the residents and staff.
• Operational focus on ILF assets only.
A new service centre has been established in Brisbane, Queensland and is ready to assume operation of the assets on September 30 2008.
Australian Property Journal
