The two founding families of the Victorian retirement village industry this week entered the BRW Families List their wealth an indication of their enduring commitment to the sector.
The Inge family sold their Zig Inge Group to the Retirement Villages Group last November for $641 million the family had retained a 51 percent stake in the company following Macquarie Capital Funds acquisition of 49 percent in 2005. Their wealth now totals $435 million.
The Knowles family similarly sold their portfolio of retirement villages last year to Stockland for $329 million a large portion of this money has been used to launch the company Australian Retirement Communities. The Knowles family also has interests in Arcare, which has 11 nursing homes around Victoria.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
