FTI Consulting, the receivers and managers of five retirement villages trading as settlers Lifestyle have now appointed Noral Wild (pictured) at JLL to sell the business as a going concern, with the option to purchase individual villages.
FTI Consulting has also engaged consultant Simon Militano, ex Lendlease Retirement Head of Development, to advise the business during the transition. He tells us the assets appear in good condition and is a potential opportunity.
Singapore-domiciled offshore investment fund manager Forum Partners acquired the five retirement communities from listed retirement village operator Ingenia in 2016 for $55M.
Settlers fell into difficulties following a default on its mortgage agreements.