Investment business Palisade Impact has agreed to set up a $300 million retirement living platform in partnership with the family-owned Zig Inge Group, whose late founder is credited with pioneering retirement living assets starting in 1979.
Peter Inge OAM will be the new Chair.
When he and his family sold the Zig Inge Group in 2007, it consisted of 19 villages with over 3,000 homes.
Zig Inge AM passed away in 2022 at the age of 96.
When the family sold to a Macquarie Bank-backed consortium (named Retirement Villages Group – RVG), Peter Inge stated he felt the focus on resident well-being became somewhat lost in the ‘corporatisation’ of the industry.
To demonstrate the family commitment to the sector, 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 (pictured below) in Aspendale Gardens, 27km southeast of the state capital, and reintroduced their personal management style, which continues today.
Now Palisade Impact’s retirement living platform, to be known as IPLiving, will take possession of the 372 homes and 445 residents within the three retirement villages.
“My father Zig would be proud that we’re growing our presence again in retirement living. As a family, we’re committed to creating communities where people can remain independent and supported, and therefore thrive, just as Zig envisioned. With our new partnership with Palisade Impact, we’re excited to carry on this legacy.” Inge told the Australian Financial Review.
The platform will expand by acquiring and developing new communities, with a focus on residents’ wellbeing and facilitating care services. It is also interested in affordable solutions.
“Older Australians are one of the fastest-growing demographics, and we need to do more to support their independence and well-being. IPLiving’s approach to retirement living aligns perfectly with our values, and we’re thrilled to be part of this important mission,” Palisade Impact Chief Executive Officer Steve Gross said.
Check out Zig Inge Group's villages and their availability on the #1 retirement village website villages.com.au.
