The two people who founded Oak Tree Group in 2004 are leaving the business after Australia’s third biggest superannuation company bought out the remaining 30% of the Queensland-based retirement village operator last week.
The final buyout is the result of 12 months' joint planning by the founders and Aware Super.
Former Managing Director Mark Bindon told The Weekly SOURCE this morning that the staff were informed last Thursday about Aware Super’s action to acquire 100% of Oak Tree, which owns and operates 31 retirement villages across Queensland, New South Wales, Victoria and Tasmania.
He said co-founder Franco De Pasquale had left the business and his last day was on Friday.
It is understood Altis Property Partners, which carried out a strategic review of Oak Tree Group, will continue to support the remaining members of Oak Tree Group’s management team until a new Managing Director is found.
Oak Tree Group has a development pipeline of more than 1,000 independent living units across the four states, in addition to the 1,500 already in operation.
Mark indicated that he and the co-founders have a passion for the sector and may return to the retirement living business in 2024.
