Light on the hill just beginning to flicker at last – with Australian Unity and ING beginning to invest

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It has been a long, long time between drinks – 2008 in fact – but the big end of town is starting to invest again. A special purpose investment fund set up by Australian Unity to invest in retirement villages has just announced its first purchase, the Geelong Grove Retirement Village in Grovedale (VIC). Built in 1986 it has 148 ILU’s starting at $210,000. The AU fund markets its investments to institutional investors, offering a 4% return above the rolling 10 year Australian bond rate. Its villages will be managed by Australian Unity. As reported ING is openly looking at development land at Parkes and now is understood to be negotiating a purchase in another state.