Fund takes major stake in Oak Tree
Group manages retirement villages on east coast including in Toowoomba
FIRST State Super has announced a majority equity investment in the Oak Tree Group which owns, develops and manages retirement villages throughout the east coast of Australia, including Toowoomba.
First State Super CEO Michael Dwyer AM said: “First State Super is proud to be investing in Oak Tree and supporting the group’s mission to provide affordable independent retirement communities for Australia’s growing numbers of retirees.”
“The strong potential for growth, along with the impeccable reputation of the Oak Tree Group, posed an attractive opportunity for First State Super. This is our first investment in the retirement village sector, and with Australia’s ageing population likely to fuel demand for quality retirement housing solutions, we believe this investment will deliver sustainable returns for our members for many years to come.”
The Queensland-based Oak Tree Group has established a portfolio of 28 retirement villages located from Cairns to Hobart, including villages located in Armidale, Orange, Tamworth, Toowoomba and Brisbane, with the business poised for further expansion.
Managing director of the Oak Tree Group, Mark Bindon said: “We are delighted that First State Super has chosen to invest in the Oak Tree Group. We pride ourselves on our reputation for building boutique villages that combine residential and recreational facilities into strong and safe communities; and also ensuring high satisfaction and engagement of residents.
“First State Super has recognised these attributes and elected to invest in the Oak Tree Group after thoroughly researching the sector to ensure compatibility with their ‘members first’ philosophy and culture. The investment acknowledges our success as a leading regional and metropolitan provider.”
The investment forms part of the First State Super’s income and real assets portfolio which also includes assets such as Sunshine Coast University Hospital, the new Bendigo Hospital, the International Convention Centre Sydney and Bankstown and Camden Airports.