Westpac sinks $30m into retirement villages
(5 July 2007 - Australia) Westpac is investing A$30 million of debt funding into residential village developer Lifestyle Communities Ltd.
Lifestyle Communities is a Victorian based operator/developer and plans to roll out 10 resort style 'Over 55' villages across the state.
"The facility will be utilised to refinance existing debt, fund land acquisition as well as site development works for the company's existing planned Over 55's residential villages at various sites around Victoria," Lifestyle managing director James Kelly said.
He said the facility would also underpin the company's working capital requirements and future developments.
The company was established in 2003 and recently re-listed on the ASX.
"The facility will be utilised to refinance existing debt, fund land acquisition as well as site development works for the company's existing planned Over 55's residential villages at various sites around Victoria," Lifestyle managing director James Kelly said.
He said the facility would also underpin the company's working capital requirements and future developments.
The company was established in 2003 and recently re-listed on the ASX.
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