This article is from the Australian Property Journal archive
Village Life has ended the tripartite agreement with Oak Tree Projects and ING Real Estate Community Living Fund.
The parties had entered into a tripartite agreement on September 20, 2005, to give Village Life and ILF a first option to acquire the management rights to Oak Tree’s senior accommodation complexes.
At the time, Oak Tree indicated to Village Life that their development program will increase gradually and should produce in excess of 2500 units during the next 5 years.
Yesterday, Village Life’s chairman Greg Gardiner said the agreement has been terminated by mutual consent due to the changes in the relationship between Village Life and ING Real Estate Community Living Fund announced on March 01, 2006.
“Without the long term lease relationship between Village Life and ING, it was apparent that Oak Tree Projects could not achieve the outcomes originally anticipated when the tripartite agreement was signed in September 2005,” Gardiner concluded.
By Adam Parsons