Greg Paramor and Stuart Nicolson have commenced executing their strategy to build a new retirement village and care investment fund with the acquisition of Watermark Castle Cove.
At the same time they have formed a joint venture with the Watermark Partnership to complete the development pipeline at Watermark Castle Cove plus provide funding and corporate support for soon to be announced further village developments.
Watermark is led by Enzo Marchione, Tony Olding and Chris Wall. They will continue to manage Castle Cove, including the development of 29 remaining units on a 50/50 share basis with Folkestone, taking the village to 79 units.
Property veteran Paramor has built Folkestone into a $780 million social infrastructure fund, Australias largest owner of early learning properties plus police stations and courthouses in Victoria. His entry into the retirement village market represents the first significant professional fund from outside the sector since the GFC.
Stuart Nicolson was recruited as Seniors Living CEO after his time building the Retirement Alliance portfolio. His role is to identify further village owners seeking a big brother to support expansion.
His expectation is that their retirement living investment fund will deliver mid teen returns for investors.
In another key appointment, Richard Gates has joined the Folkestone Real Estate Management board as Non-Executive Director. He recently retired as the ANZ Banks Head of Health, Aged Care and Retirement Living business which he built over 15 years to be the leader in the banking sector.
Nicolson says more transactions are on the near horizon.
