Adelaide-based fund manager ICAM has expanded its seniors living footprint into New South Wales with the acquisition of Signature Gardens Retirement Resort in Rutherford, in the Hunter region.
The established village comprises 150 two- and three-bedroom homes. The off-market deal was brokered by Justin Hazell at Colliers and Shane Nicholson from ACSL Property, with the asset acquired from Phillip Cater.
The purchase is the fourth for the ICAM Diversified Seniors Living Fund, launched in April 2022 with a mandate to assemble $150-$300 million of retirement assets (around 10 to 15 villages). Adding Signature Gardens lifts the portfolio to 450 units, broadens geographic diversification and, according to ICAM, smooths DMF income across the fund.
ICAM already owns and operates Langton Park in Campbelltown, 9km northeast of Adelaide, Kings Park Retirement Village, 4.5km south of Adelaide’s CBD, and The Elms Retirement Estate in Kilmore, 65km nothwesr of the Melbourne CBD. The manager also recently launched its Sanctuary Villages brand, signalling a long-term push to create high-quality communities while delivering sustainable returns.
Managing Director Freddy Bartlett said the acquisition underscores ICAM’s strategy of targeting quality villages in growth markets.
“The seniors living sector remains one of Australia’s most attractive long-term investment themes,” he said. “Ageing demographics are driving sustained demand amid a shortage of supply, while pricing still represents good relative value versus other property sub-sectors.”
Fund Director Jim Hazel, an Honorary Life Member of the Retirement Living Council, said the buy positions the fund well for further growth.
