Last Wednesday Macquarie Bank offshoot Retirement Villages Group announced it had raised $850 million in a special village investment fund. This Monday it paid $641 million for the Zig Inge groups 17 retirement villages and 8 development sites. Zig Inge was 51% owned by the Inge family and 49% owned by another Macquarie offshoot, Macquarie Capital a short term investment vehicle which looks to make a quick profits on behalf of Macquarie private investors. They succeeded spectacularly with Zig Inge, having bought the 49% 25 months ago for $101 million to then sold it this week for $255 million - a 250% return in 2 years!
FKP, the Brisbane based property group which owns Aveo, also own 26% of Retirement Village Group and has an agreement to manage the villages owned by RVG. Therefore they Aveo may take over the management of the Zig Inge villages as well.
The Weekly SOURCE
SATURDAY means business: The quiet pivot to private home care
As Support at Home pushes more co-contributions onto cleaning and domestic help, a quiet shift is brewing – affluent retirees are starting to step out of the Government-funded lane entirely. Melbourne’s Acquaint Home Care, led by Fion...