Aware Super expands holdings in retirement living firm
The third largest superannuation business in Australia Aware Super has bought the remaining stake of the Oak Tree Group and is now one of the country’s largest retirement living asset owners. It bought a 70 percent stake in the business in 2017 while the founders retained 30 percent.
Oak Tree houses more than 1,900 residents and boasts a portfolio of 48 villages with about 2,550 independent living units (ILUs) in operation or development across Queensland, New South Wales, Victoria and Tasmania. It was founded in 2004 by Mark Bindon, Franco De Pasquale and Marco De Pasquale.
The acquisition increases Aware Super’s presence in the living sector to A$5 billion ($3 billion).
Aware Super had A$160 billion ($103 billion) in funds under management as of July 2023.