This article is from the Australian Property Journal archive
Primelife and Babcock & Brown have decided to put on hold the establishment of a fund until the next calendar year.
Primelife’s company secretary Gregor Dixon said the discussions are continuing with Babcock & Brown.
“However, given that we are well into September it is unlikely that any proposal about the creation of a new investment fund will be announced and completed in this calendar year,” he added.
In late June this year, Primelife and Babcock & Brown announced that they were looking at establishing a fund in the retirement and aged care sector that would include that would include Primelife and PrimeLiving Trust.
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.
MTM Entertainment Trust is also in discussion with joint venture.
By Adam Parsons
