Last Wednesday Macquarie Bank offshoot Retirement Villages Group announced it had raised $850 million in a special village investment fund. This Monday it paid $641 million for the Zig Inge groups 17 retirement villages and 8 development sites. Zig Inge was 51% owned by the Inge family and 49% owned by another Macquarie offshoot, Macquarie Capital a short term investment vehicle which looks to make a quick profits on behalf of Macquarie private investors. They succeeded spectacularly with Zig Inge, having bought the 49% 25 months ago for $101 million to then sold it this week for $255 million - a 250% return in 2 years!
FKP, the Brisbane based property group which owns Aveo, also own 26% of Retirement Village Group and has an agreement to manage the villages owned by RVG. Therefore they Aveo may take over the management of the Zig Inge villages as well.
ATO plans to charge GST on manufactured home parks scrapped
A concerted effort by the Residents Association of manufactured home parks has headed off the ATO which had planned to impose GST in mobile homes. This would have added 10% to the cost of the purchase of a home