Oak Tree Group, operator and developer of retirement living community, secured a US $18.3 million (around AUD $20 million) financing from Brisbane-based Blue Sky Private Equity. The investment would be utilized to aid Oak Tree build up to 2,000 new "Independent Living Units" in six existing areas for aging Australians.
Mark Bindon, Oak Tree's managing director, said that the capital interjection by Blue Sky would aid the group to speed up new developments that would strengthen their position in targeted regions.
A forecast made by Australia's Retirement Village Association claimed that the country might need 140,000 units in the next 15 years. Oak Tree, which was established in 2004, is aspiring to fill as much of that requirement as fast as it can. The company currently has six retirement communities and is building nine more in the states of Victoria, Queensland, Tasmania and New South Wales according to a report by The Wall Street Journal.
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