ICAM Diversified Seniors Living Fund
Wholesale Investors Only

ICAM Diversified Seniors Living Fund

ICAM Diversified Seniors Living Fund

The Fund aims to provide reliable yields, strong capital growth and reduced risk via geographic diversification through a pipeline of seniors living assets located across Australia (For Wholesale Investors Only)

ICAM Diversified Seniors Living Fund
Min. Investment
$50,000
Objective
Growth and Income
Structure
Other
Asset Class
Property (Listed/​Unlisted)
Liquidity
Illiquid
Closing Date
Subject to Trustee discretion
View More Details
Min. Investment
$50,000
Objective
Growth and Income
Structure
Other
Asset Class
Property (Listed/​Unlisted)
Liquidity
Illiquid
Closing Date
Subject to Trustee discretion
Industry
Diversified, Property & Construction, Other
Funding Stage
Unlisted Mature Fund
Security Type
Unit in a trust
Target Capital
$30,000,000
Availability
Open for investment

Management Fees
1.00% p.a. of GAV + GST
Target IRR
14%+ (over the investment term)
Target Distribution
8% p.a. (average over 5 years)
Investment Time Frame
Initial 7 year timeframe (from April 2022)
Current Number of Assets
2 Asset (Fund target of 10-15)
Distributions
Quarterly

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.

As Australia’s population ages, a generational opportunity is emerging to capture the resulting demand for seniors living accommodation.

 

Advancements in healthcare are enabling Australian seniors to live independently for longer, creating a robust long term demand outlook for retirement living accommodation.

 

With seniors living accommodation supply struggling to meet this heightened demand, and the development pipeline slowing due to high construction costs, existing seniors living assets are experiencing high levels of demand for their stock, driving elevated prices.

 

Despite these strong demographic tailwinds, discount rates for seniors living assets are yet to compress to the degree seen in other property asset classes such as commercial office, industrial, segments of retail, and even residential property, presenting a highly attractive relative value opportunity.

 

The discount rates for these assets also tend to be less affected by rising cash rates as gearing is typically lower.

The key focus for ICAM as the Asset Manager for the Fund will be to utilise it extensive networks to acquire targeted off-market senior living assets across Australia and to actively manage these assets to derive the maximum value from the investments. Where possible ICAM will employ initiatives such as upgrades, repositioning, expansion or development of assets. The Fund does not intend to invest in Aged Care which is a different area and governed by different regulations and legislation. 

 

The Fund will also look to take advantage of obtainable synergies across its asset base to manage costs and provide stable distribution yields to investors.

The Investment is intended to be open-ended with an opportunity for investors to seek redemption of their investment after 7 years from the Fund’s inception (liquidity event in April 2029) and every 3 years thereafter.

 

Withdrawal Rights 

There are no withdrawal rights from the Trust. An investment in the Trust is illiquid and should be viewed as a long-term investment.

 

The Trustee may, to the extent it can reasonably do so, assist an investor to transfer their Units by facilitating introductions to other investors or third parties who may be prepared to acquire the units on terms to be negotiated between them. However, there can be no guarantees that a buyer can be identified.

This document (“Information Presentation”) has been prepared and issued on a confidential basis by Inheritance Capital Asset Management Pty Ltd (ACN 608 095 030) (AFSL 481118) (‘ICAM’) and is dated July 2023. The information contained in this Information Presentation shall be treated as strictly confidential and shall not be directly or indirectly disclosed to any other party or reproduced, in whole or in part, without the prior written consent of ICAM. • This Information Presentation does not constitute, and should not be taken to constitute, in any jurisdiction, financial advice (whether general or personal) or a recommendation or statement of opinion (or report on either of those things) intended to influence a person to make a decision in relation to any financial product or instrument or an invitation, offer, or solicitation or inducement to buy or sell any financial product or instrument, or to engage in or refrain from engaging in any transaction. • ICAM does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information in this Information Presentation or any person’s legal, tax or accounting treatment of the matters described herein. • To the extent permitted by law, ICAM and its related bodies corporate, officers, employees, agents, advisers, contractors and members (a) disclaim any and all liability relating to this information, including, without limitation, any express or implied representation for statements and conclusions contained in and omissions from this information; and (b) accept no liability (whether in negligence or otherwise) for any loss, damage, costs or expenses of any nature which may be suffered or incurred by any person relying on any information or statement contained herein or otherwise arising in connection with any such information or statement. This Information Presentation is distributed in Australia for use only by wholesale clients as defined in s761G of the Corporations Act 2001. • This Information Presentation may contain forward looking statements which are not based solely on historical facts but are based on current expectations about future events and results.  Such forward looking statements are based on views held only at the date of publication of the material and are not guarantees of future performance or events.  These forward looking statements are subject to inherent risks, uncertainties and other factors, many of which are beyond the control of ICAM.  Accordingly, actual results may differ materially from those expressed or implied in such statements.• ICAM does not undertake to update any forward looking statements to reflect events or new information following the publication of forward looking statements in this Information Presentation.  ICAM gives no representation or warranty (express or implied) as to the completeness or reliability of any forward looking statements. • Past performance information is not a reliable indicator of future performance. Any reference to past performance in this Information Presentation is intended to be for general illustrative purposes only.

ICAM specialises in the investment and management of real assets such as property and infrastructure.

 

ICAM’s Managing Director has over 25 years’ experience in the funds management industry managing multi-asset funds with a focus on alternative investments targeted at absolute returns with reduced volatility. The ICAM property investment team is led by an experienced property fund manager with over 25 years’ experience in the European and UK institutional property industry.

 

She has managed, re-positioned and transacted on a variety of core and value-add assets and portfolios. The ICAM infrastructure investment team is led by an infrastructure investment specialist with over 18 years’ experience advising companies in Australia and the UK on strategic infrastructure investments.

 

ICAM has a highly experienced executive team, Investment Committee and Board who bring significant global investment banking, funds management and unlisted asset investment experience. We offer a full unlisted direct property, infrastructure and alternative investments portfolio management service for high net worth, family office and institutional clients.

 

Freddy Bartlett is the Managing Director, of ICAM and an equity owner of the business with over 25 years experience in funds management, having held senior roles in Adelaide, Sydney, and London. 

 

He founded ICAM in 2015 following six years as Chief Investment Officer and Deputy Chief Executive Officer of the Motor Accident Commission of South Australia. In this role he was responsible for the investment team, outsourced investment entities, and both strategic and dynamic asset allocation of the $3.5B multi-asset investment fund, encompassing a $150M infrastructure portfolio, $600M direct property portfolio and a $350M cash portfolio. 

 

Freddy was also responsible for overall investment strategy, portfolio construction and capital management. 

 

Prior to this, Freddy held senior roles at Westpac, IAG Asset Management and Allianz Australia where he was responsible for multi-asset insurance funds of circa $16B, including a $400 million direct property portfolio.

 

In addition to serving on the boards of ICAM’s Investment Trusts, Freddy is the Vice President of the Property Council of Australia (SA Division) and is on the Investment Advisory Committee for Public Trustee SA, the University of South Australia Business School Advisory Board as well as the South Australian Centre for Economic Studies Independent Research Fund Advisory Committee. He is also an Independent Member of the Burnside Retirement Services Inc and serves as a director of Crime Stoppers SA and the Adelaide Symphony Orchestra.

 

Jane has over 25 years of experience in the European and UK institutional property industry and has managed, repositioned and transacted a variety of core and value-add assets and portfolios.

 

Prior to joining ICAM in 2019, Jane spent 13 years at AEW (2006-2019), one of the world’s largest real estate asset managers (€63.5B of assets under management globally, of which €30B in Europe). 

 

She held the position of Director of Asset Management within AEW’s Pan-European London-based platform managing various core and value-add portfolios across Europe, including the €800M AEW Europe City Retail Fund; the AEW Europe Value Partners Fund (€200M), and a UK Top 20 shopping centre (£300M) in joint venture with a US pension fund. 

 

Jane joined AEW in 2006 as Asset Manager. In 2010 she was promoted to Director and Head of Retail Asset Management for the Central European region where she managed a €600M shopping centre portfolio and managed and divested a €200M commercial portfolio. Before joining AEW Jane was Associate Director at real estate advisory firm Cushman & Wakefield (2001-2006); International Investor Relations Manager at privatisation agency APV (1999–2001); and prior to that held various positions at the BBC World Service in London. 

 

Jane has a Master of Arts (MA) from Glasgow University, a Master of Business Administration (MBA) from Buckinghamshire University and is a member of the Royal Institute of Chartered Surveyors (MRICS). She has also completed courses in Financial Analysis for Real Estate Investment (CCIM Institute), Managing Fashion & Luxury Companies (Bocconi) and Financing & Investing in Infrastructure.

Supplementary Information Memorandum and Information Memorandum are available on request from the Fund Manager. Please contact us at investors@icamfunds.com or review our website icamfunds

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