Assembly Funds Management (AFM) and PGIM’s real estate business have agreed to an early exit from their joint financing arrangement with Aura on a portfolio of existing and proposed retirement villages in Australia.
In 2024, AFM and PGIM jointly made an initial investment of more than A$70 million ($49 million) into a portfolio of Queensland-based retirement villages, with arrangements to fund a substantial future pipeline of new villages.
Brisbane-based retirement village developer and operator, Aura Holdings has about 800 independent apartments in operation, with significant plans for growth in coming years. Aura’s villages are located in suburban Brisbane, Toowoomba, the Sunshine Coast and the Gold Coast.
Aura now has completed a transaction with an institutional capital partner to provide equity funding for the next stage of growth and fully recapitalise AFM and PGIM.
“While we continue to be believers in the demographic tailwinds underpinning s
