Scott Marinchek will announce next Wednesday the first new investment fund to specialize in the retirement village and aged care sector since the meltdown of the investment model of Babcock & Brown/Macquarie Bank et al in September 2007. Called Aviiid Third-age Living, (that is with 3 `is in the name - being three people or a community), it expects to have between $450 and $700 million already invested by approximately April next year. Marinchek is seeking land with DA approvals or existing villages and care facilities to acquire. The seed capital will be provided by 3 to 4 super funds. Aviiid will also consider joint ventures. Scott Marinchek kick started Aviiid by purchasing the Mariner Finance Third Age Living business, of which he was Executive Partner.
Legal Issues
VCAT rules Lifestyle Communities’ DMF model illegal
Lifestyle Communities’ business model is under serious threat after a ruling by VCAT President Justice Ted Woodward found its exit fee structure to be illegal. The ASX-listed land lease operator, which was valued at $861.9 million and placed in...
