Retirement village developer and operator, Aura Australia, and SC Capital Partners Group, on behalf of its RECAP Fund series, have agreed to acquire BlueSky Alternative Investments’ interests in Aura’s retirement village development portfolio.

Following completion of the transaction (expected by end-September 2018), the retirement village operator will be wholly-owned by Aura’s management team, headed by founders Tim Russell and Mark Taylor. SC Capital Partners Group will provide funding for Aura’s portfolio of Queensland retirement villages including Kingsford Terrace Corinda, The Avenue Maroochydore, The Ninth Toowoomba Golf Club, The Atrium Lutwyche and The Pavilion North Kirra. They will also fund planned projects at Indooroopilly Golf Club and an additional stage at North Kirra.

The Aura retirement living strategy remains single-focussed on acquiring development sites in highly populated urban locations where there is little or no option for people to downsize in the area they have always lived and love. Aura has a strong pipeline of development opportunities in South-East Queensland and greater Sydney, New South Wales and, together with SC Capital Partners Group, will continue to expand significantly beyond its current 900 apartment retirement village portfolio.

Mr Suchad Chiaranussati, Chairman of SC Capital Partners Group, commented that “there is a significant shortage for upscale senior independent living communities within urban infill locations, which will only grow given the ageing demographic in Australia. The existing inventory of senior living housing is, with very few exceptions, fairly ordinary and usually in fringe locations. The Aura strategy will fill this market gap.”

He added, “Seniors are younger than previous generations in terms of health and wellness. Their strong preference is to live close to their existing homes and maintain family, friendship and community bonds. Downsizing shouldn’t mean downgrading and Aura will set the benchmark for upscale senior living with first class recreational facilities, amenity and services”.

“Our partners at Aura, led by Tim Russell and Mark Taylor, have a passionate vision to be the best-in-class, senior living operator in Australia, delivering quality facilities that enhance the lives of Aura’s residents and the wider local community. When the opportunity arose to increase our commitment to Aura’s portfolio, we didn’t hesitate. We expect Aura to grow with us into Asia given the dynamic ageing demographic and shortage of high quality senior living housing, especially in markets like Japan and China”, said Mr Chiaranussati.