The global real estate investment manager is the backer for Paul Browne’s new venture Love Decency Kindness Healthcare, which is converting old office buildings at Tuggeranong into a 350-apartment, 500-resident retirement and aged care community, which will be the seed asset for the new aged care fund.
Cromwell Property Group has a $2.5 billion direct property investment portfolio in Australia and total assets under management of $11.5 billion across Australia, New Zealand and Europe.
Under the joint venture, Cromwell has invested in a 50% ownership interest in LDK and retains 100% of the land and buildings at Tuggeranong while LDK has a long-term lease over both.
“We are funding the venture with working capital and development projects from our balance sheet,” CEO Paul Weightman told Real Assets.
Cromwell says they are also actively looking for future development sites and conversion opportunities.
The Tuggeranong village won’t operate under the traditional DMF model either – instead village residents will be offered a five-year membership model that provides “certainty and transparency”.
As we covered here, they will also be offering a no-cost LDK Community Membership that will provide a range of services to Australians over the age of 70 who want to stay at home but would like to be part of an LDK Senior community.
These options are currently being explained at free forums led by Paul Browne – complete with free two-course meal.