Mark Fay, CEO of the new purpose-led retirement living business IPLiving, told LEADERS SUMMIT it would look to buy retirement villages outside of Victoria after stating it was about to buy its fourth in the state.
"We have three existing villages, all very different, which goes to our diversified strategy. We're about to acquire a fourth,” he said.
In December last year, it was announced infrastructure investor Palisade Impact had agreed to set up a $300 million retirement living platform with the family-owned Zig Inge Group, whose deceased founder is credited with pioneering retirement living assets starting in 1979.
The family repurchased the Prospect Hill Village in Camberwell, Pinetree Donvale (the first village father Zig built in 1980), 20km east of Melbourne’s CBD, and Richfield Village in Aspendale Gardens, 27km southeast of the state capital, and reintroduced their personal management style.
Mark said it is in negotiation with a Not For Profit operator to buy its fourth retirement village in Victoria.
“We absolutely want to expand interstate. But we're looking for sufficient scale and the right team. It's much easier when you can drop in and check in on the manager and see what's really happening in the community. When you're a few hours away, it's a bit harder. It goes to risk and goes to people. It goes to culture,” Mark said.
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