This article is from the Australian Property Journal archive
Primelife and Babcock & Brown are looking to establish a fund in the retirement and aged care sector by bringing together Babcock & Brown’s investment interests in the sector.
Babcock & Brown currently has a 17.1% interest in Primelife, a 50% interest in a development joint venture with Primelife and a 49% interest in the PrimeLiving Trust.
Primelife and MFS Group each have a 25% interest in the PrimeLiving Trust.
Primelife is the asset manager of all the trust’s retirement villages and has an option over all those properties.
The Trust currently has three villages in New South Wales, five villages in New Zealand, four villages under contract in NSW and Queensland and a 19.9% interest in retirement and aged care operator, Aevum.
Primelife currently has 14 villages in the development pipeline and 56 villages under management.
Yesterday, Primelife said it will keep the market informed of any outcomes in relation to its discussions with Babcock & Brown.
By Adam Parsons
