Sydney, Australia (PressExposure) June 30, 2011 -- Stockland has further expanded its retirement village portfolio with the purchase of three villages owned by the Retirement Villages Group (RVG) for $22 million.
The transaction aligns with Stockland's strategy to diversify its Retirement Living portfolio and deliver growth through development and selective acquisitions.
Two of the villages are located in Queensland - one in Brisbane and the other on the Gold Coast - while the third is in Canberra. They are well located in inner-ring suburbs and close to retail centres.
All three are mature assets with an average age of 26 years and will immediately deliver cash returns in excess of marginal cost of debt.
The villages will add a further 376 Independent Living Units (ILU) to Stockland's portfolio taking the total number of ILUs and Serviced Apartments to 7,403.
CEO of Stockland Retirement Living, David Pitman said: "With the integration of Aevum almost complete, we are in a position to purchase selectively targeted villages without a significant increase to our overheads. The purchase adds scale to our Queensland operations while also signalling our entry into the Canberra retirement village market.
"Stockland continues to consolidate its position as a leading owner of retirement villages in Australia," Mr Pitman said.
Greenleaves at Upper Mount Gravatt in Queensland has 103 units. It is adjacent to a shopping centre and cinemas and has facilities including a bowling green and barbeques.
The Pine Lake village is located at Elanora on Queensland's Gold Coast and has 147 units, a swimming pool and overlooks a nearby lake.
Ridgecrest at Page in Canberra is spread over 5.4 hectares, contains 126 units and has facilities including barbeque areas, a bowling green and resident's lounge.
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