BNB and Primelife propose new retirement and aged care fund
A new retirement and aged care industry fund is on the horizon, following talks between Primelife Corporation and Babcock & Brown (BNB), although details are yet to be finalised.
Aged care provider Primelife said it was discussing the possibility of establishing a managed investment vehicle with BNB by developing a new property business called B&B Communities.
According to BNB, a fund of this type within the aged care sector would create a large pool of low volatility income, a substantial development pipeline and the potential for future growth through acquisitions.
The venture would also increase the size of Primelife’s portfolio, in which BNB already has a stake.
The financial services firm has a 17.1 per cent interest in Primelife, a 50 per cent interest in a development joint venture with Primelife and a 49 per cent interest in the PrimeLiving Trust.
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