ICAM Diversified Seniors Living Fund
Gross Asset Value
(As at 30 June 2023)
Target Income Yield
(Average over 5 years)
Target Internal Rate of Return
(Average over 5 years)
The ICAM Diversified Seniors Living Fund (“IDSLF”) is an open-ended diversified Fund created with the aim of providing investors with reliable yields, strong capital growth and reduced risk via geographic diversification through a pipeline of seniors living assets located across Australia and sourced off-market via ICAM’s industry networks.
Founded in April 2022, the Fund will target assets in differing stages of their lifecycle, including mature operating assets, newly developed operating assets and may undertake full or partial development of assets where risk adjusted returns are complementary to the Fund.
The Fund has been created to capitalise on Australia’s demographic trends. As the population ages, a generational opportunity is emerging to capture the resulting demand for seniors living accommodation. Combined with a chronic undersupply of seniors living accommodation across Australia the Fund aims to acquire assets via off market transactions at high discount rates and with significant aggregate valuation upside.
The Fund currently has two wholly owned retirement village assets with a total of 276 independent living units and apartments. The seed asset for the Fund was Langton Park, a well-established retirement village located in Adelaide’s eastern suburbs. The fund’s second asset is The Elms Retirement Village located in the semi-regional town of Kilmore in the northern growth corridor of the Melbourne metropolitan area.
The Fund has a strong pipeline of diverse off market acquisitions and intends to build a fund size of $150M-$300M with 10-15 assets nationally.
- A proven investment strategy underpinned by strong demographic tailwinds providing exceptional returns to investors.
- An open-ended Fund, providing investors with exposure to all current and future assets within the Fund.
- An opportunity for investors to increase their holdings as the Fund continues to acquire more assets, with annual equity raises expected to occur.
- The Fund is targeting a distribution of 8% pa (average over five years) paid quarterly to investors.
- Target IRR of 14%+, representing an extremely attractive expected return to investors.
- Low levels of gearing across the Fund minimising the impact of current and future interest rate fluctuations.
Currently Open for Investment