The third largest superannuation business in Australia has announced it has bought the remaining 30% of Brisbane-based retirement living provider Oak Tree Group for an undisclosed sum.
Aware Super bought a 70% stake in the business in 2017 while the founders retained 30 per cent.
Aware Super Head of Property, Alek Misev, said the acquisition expanded the group’s exposure to residential living assets to $5 billion globally.
Aware Super already owns 49.9% of Lendlease Retirement, which was rebranded as Keyton in June.
The acquisition includes a development pipeline of more than 1000 independent living units across the four states, in addition to the 1500 that are now operational.
“We have multiple villages experiencing waitlists, which confirms an undersupply in quality units catering for the 55-plus cohort who will represent about 31% of our national population by 2030,” he said.
“Australia’s Baby Boomer generation is wealthier than previous generations and combined with the strong demographic tailwinds, makes the retirement-living space a high conviction sub-sector within our $5-billion living portfolio.”
Alex thanked Altis Property Partners for its contribution to a strategic review of Oak Tree Group and signalled their continued involvement in supporting the group's management team.