Stockland buys retirement villages in Queensland and ACT
Property developer Stockland has added 376 independent living units to its retirement portfolio following the purchase of three villages for $22 million.
All three – two in Queensland, one in the ACT – have been purchased from the Retirement Villages Group.
The biggest acquisition is Pine Lake village, located at Elanora on the Gold Coast, which has 147 units.
It has also purchased the 5.4-hectare Ridgecrest village at Page in Canberra, which has 126 units and marks Stockland’s entrance into the local ACT retirement market.
The remaining purchase is Greenleaves, in UPPER MOUNT GRAVATT south east of Brisbane, which has 103 units.
The acquisitions take Stockland’s portfolio taking the total number of independent living units and serviced apartments to 7,403. This is in line with Stocklands “three R” strategy of investing in residential, retail and retirement.
In November 2010, Stockland acquired retirement village operator Aevum for $266 million, doubling the size of its retirement living business in the process.
With the integration of the Aevum business almost complete, CEO of Stockland Retirement Living David Pitman says the company is in a position to purchase selectively targeted villages without a significant increase to its overheads.
