Teman Communities, a Central Coast based operator of independent retirement villages, announced this week that it has acquired five properties from the Settlers portfolio through receivers, FTI Consulting.
All five community villages were purchased following a 12-month acquisition process.
These are Forest Lake and Rockhampton in Queensland, Ridgewood and Lakeside in Western Australia, and Ridge Estate in NSW.
The portfolio was previously owned by Forum Partners, a multi national fund manager who acquired the assets from listed company Ingenia Ltd in 2016.
Forum Partners reportedly then placed the portfolio into administration in early 2019.
Sources indicated that the value of the transaction was about $28M, which appears to be well below replacement cost.
The five villages will add scale to Teman’s existing portfolio of two villages, Rosedale in Cooranbong and The Vines in Cessnock, with a combined total of more than 800 independent living units across Australia.
Teman Managing Director, Jamie Sterland, said the organisation’s aim was to build communities and teams that brought a sense of belonging and friendship to every resident, their family and visitors.
“I can’t wait to welcome all our new residents to the Teman family,” he said.
“We’re really happy to be able to provide them with some certainty.
“At Teman, we understand that we are maintaining someone’s home and caring for their wellbeing, while providing them the ability to live independently in a caring, like minded and connected community.”
Sterland said the acquisition was an important step in Teman’s strategic plan to build and manage lifestyle retirement villages throughout Australia, renowned for their higher level of service and inclusive culture.
“It also diversifies the group’s portfolio across different economic models including deferred management fees (DMF), rentals and NDIS accommodation,” Sterland said.
“The Teman vision is simple, a belief that everyone deserves to enjoy their life and have access to a lifestyle that brings them contentment and happiness as they grow older.
“We’ve just always done the simple things right, and that includes putting the resident first.”
Sterland has a long track record of more than 25 years managing retirement villages, having previously managed the Brentwood Villages, with more than 30 staff and 700 residents.
He formed Teman Communities in 2017 and acquired the Cooranbong and Cessnock properties, lifting residency for the properties from about 50 percent to more than 95 percent.
Rosedale is considered by many to be the jewel in the crown, nestled between the Watagan Mountains and Lake Macquarie and close to hospitals, medical facilities and shops, cafes, pubs and clubs.
Reporter: Ross Barry