Retirement village project updates
Friday, 20 April 2018
Developer and Retirement Village Operator, Aura Holdings (“Aura”), is currently advancing eight retirement village opportunities in South East Queensland. Kingsford Terrace at Corinda is the most advanced, with the second stage of development almost complete. Construction at The Avenue Maroochydore has commenced and is soon to commence at The Atrium Lutwyche. The Ninth Middle Ridge, The Arbour Parkwood Village and The Pavilion North Kirra are all in advanced stages of development approval, while the two proposed developments at Indooroopilly Golf Club and Coorparoo Bowls Club* are in the early stages of development approval.
Each project Aura undertakes is structured in a standalone investment vehicle, funded through a combination of debt and equity. Kingsford Terrace at Corinda, The Avenue Maroochydore and The Atrium Lutwyche have received development approval and are all fully funded. Aura sources funding from multiple debt and equity providers. Debt has been secured from Bank of Queensland, ANZ and Commonwealth Bank for the first three projects. Equity has been provided by SC Capital Partners Group and funds managed by BlueSky Alternative Investments Ltd for these projects.
For all future projects including those listed above and others in negotiation, Aura will continue to access funding from its existing debt and equity providers.
Aura is pleased to advise that SC Capital Partners Group, on behalf of its RECAP V Fund, shall fund up to 100% of the capital requirements for all future Aura retirement village projects as required, subject to satisfactory Development Approval and due diligence.
SC Capital Partners Group is an investment manager specialising in Asia Pacific real estate and organised as a licensed fund manager incorporated in Singapore pursuant to Monetary Authority of Singapore regulations. The firm’s flagship fund series, RECAP, is mandated to invest across a broad spectrum of real estate asset types and locations throughout Asia Pacific.
Aura looks forward to continuing to work closely with all its current capital providers and continuing to deliver upon its exciting retirement village strategy.
*Please note the proposed development at Coorparoo did not progress.