Seniors Living Fund No.1

Overview

The Folkestone Seniors Living Fund No.1 closed oversubscribed on 22 September 2016. The Fund raised $25.66 million and acquired its first asset, Watermark Castle Cove, an award winning retirement living community on Sydney’s lower north shore, the first asset for its seniors living platform and the Folkestone Seniors Living Fund No.1.


Fund Type Closed end unlisted fixed term unit trust (7 year term)
Investment Strategy To achieve superior risk adjusted returns by investing in high quality existing retirement living communities and/or partnering with co-investors to develop and ultimately own such communities in Sydney
Forecast Investor Return

The Fund has a target equity IRR of 15.0% per annum (pre-tax, net of fees) on drawn equity over the term of the Fund

Should the Fund only acquire Watermark Castle Cove, the Fund’s forecast total return is an equity IRR of 11.0% per annum (pre-tax, net of fees) on drawn equity over the life of the Fund

Initial Asset The funds raised under the Initial Offer were used to fund the acquisition of Watermark Castle Cove comprising:

  • a 100% interest in 50 existing ILAs and 8 ILAs under construction which will be paid for on completion (including leasing); and
  • a 100% interest in adjacent land for development of an additional 21 ILAs on terms whereby part of the consideration is contingent on completion and leasing of the ILAs and the development is undertaken in a 50/50 joint venture with Watermark Partnership
Target Fund Raising Up to $60 million
Initial Offer Amount $25.66 million
Initial Offer Price per Unit $1.00 per Unit
Minimum Investment Amount         $100,000. Commitments in excess of 100,000 Units must be made in multples of $50,000 (50,000 units)
Fund Term Expected to be 7 years
FLK Equity Folkestone has co-invested 10% in the Fund

 

1  Post fees, pre-tax over the life of the Fund. Should the Fund only acquire the Initial Asset, the Fund’s forecast total return is an equity IRR of 11% per annum (pre-tax, net of fees) on drawn equity over the life of the Fund. Forecast distributions are subject to a number of assumptions and risks. You should read a copy of the Information Memorandum before deciding to invest. Forecast returns are not guaranteed.

Click here to view Watermark Castle Cove website

Our Board – Folkestone Real Estate Management Limited

Mark Baillie
Deputy Chairman
B.Com, CA
Richard Gates
Non-Executive Director
B.Econ (Hons)
Stuart Nicolson
Chief Executive Officer – Seniors Living
BA, MBA, GAICD

Our Executives – Folkestone Real Estate Management Limited

Stuart Nicolson
Chief Executive Officer – Seniors Living
BA, MBA, GAICD
Ben Dodwell
Head of Real Estate
BA (I.D.), Grad. Dip. App. Fin. SIA, DIP PROP FIN, MAICD
Adrian Harrington
Head of Funds Management
B.SC (HONS), FFINSA
Travis Butcher
Chief Financial Officer – Funds
B.Acc, CA, Grad. Dip. AFI SIA
Scott Martin
Chief Financial Officer & Company Secretary
B.Com, CA
Mark Stewien
General Counsel
LL.B, BCom (Finance)

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