(6 July 2004 – Australia) Commonwealth Bank has provided Queensland based retirement village operator, Village Life Trust, with a $65 million loan facility.The loan allows the recently listed operator to acquire its initial investment portfolio of 22 retirement villages and seven manager’s units for $100 million. It also provides funding for further acquisitions.
CBA’s global head of real estate, Murray Butler, said the Village Life Trust was an “excellent financing opportunity” as the aged care sector represented a significant growth area for Australian real estate developers, financiers and investors.
“There is no question that the provision of appropriate accommodation stock for Australia’s ageing population is both a major issue and opportunity,” Butler said.
“The Village Life Trust is the first of its kind and we are very pleased to have been given the launch financing role.”
According to CBA, the bank and its subsidiary, Colonial First State Property, have some $35 billion in commercial funds, assets and loans under management, in addition to more than $100 billion in residential loans.