The pair have agreed to acquire BlueSky Alternative Investments’ investment in Aura’s village development portfolio, alongside its other partner Singaporean investment group SC Capital Partners Group.
As we reported here, Blue Sky announced it was withdrawing from the three projects it was funding with Aura in June after US-based Glaucus Group’s accusation that the private equity group was over-valuing its assets earlier this year resulted in a significant hit to its share price and profit guidance.
SC, which has five institutional real estate funds worth over US $3.4 billion, are funding Aura’s seven Queensland villages in development and Chairman of SC Capital Partners Group, Suchad Chiaranussati, says that there is a major shortage of upscale retirement living communities in urban infill locations.
“When the opportunity arose to increase our commitment to Aura’s portfolio, we didn’t hesitate,” he adds.
“We expect Aura to grow with us into Asia given the dynamic ageing demographic and shortage of high quality senior living housing, especially in markets like Japan and China.”
A double win then for the Aura’s Tim Russell and Mark Taylor.