AI assistant
INGENIA COMMUNITIES GROUP — Fund Information / Factsheet 2009
Aug 25, 2009
65125_rns_2009-08-25_1c381465-0ef1-4828-939a-6e351d45190c.pdf
Fund Information / Factsheet
Open in viewerOpens in your device viewer
ing Real Estate Community Living group
==> picture [46 x 8] intentionally omitted <==
----- Start of picture text -----
invESTing
----- End of picture text -----
30 junE 2009
REAL ESTATE invESTmEnT mAnAgEmEnT
www.ingrealestate.com.au
AboUt the fUND
ING Real estate Community Living Group was the first seniors housing ReIt listed on the Australian Stock exchange in July 2004. It remains a significant owner of seniors and student housing communities, with a diversified portfolio of 103 properties across Australia, Canada, New Zealand and the United States.
the fund has partnered with experienced organisations for the operation and development functions in offshore markets, but has the ability to fulfil these functions here in Australia.
ASSET DivERSiFiCATiOn BY vALuE (A$m)[1]
gEOgRAPHiC DivERSiFiCATiOn BY vALuE (A$m)[1]
==> picture [126 x 125] intentionally omitted <==
==> picture [126 x 125] intentionally omitted <==
==> picture [442 x 84] intentionally omitted <==
----- Start of picture text -----
Australian Dmf 7.0% Australia 22.6%
Australian Rental 15.6% Canada 10.4%
Canadian Seniors 10.4% United States 64.2%
US Seniors 54.2% New Zealand 2.8%
US Students 10.0%
NZ Students 2.8%
----- End of picture text -----
1) ILf’s interest as at 30 June 2009
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
iFC ABOuT THE FunD 02 PROPERTY PORTFOLiO 04 AuSTRALiAn SEniORS 12 CAnADiAn SEniORS 16 uS SEniORS 26 uS + nz STuDEnTS
OvERviEW
As at 30 June 2009, ILf’s portfolio comprised of 103 seniors and student housing properties, 87% of which are seniors communities located across Australia, US and Canada. the fund is significantly weighted to the rental model, with over 90% by value of the assets producing rental cash flows. In addition to this, the fund also derives development profits and deferred management fee income from its Australian seniors portfolios.
ILf’s stapled security structure allows the fund to take an active role in the operation and development of its assets.
iLF AnD PARTnERS
==> picture [437 x 201] intentionally omitted <==
----- Start of picture text -----
STuDEnTS 13% SEniORS 87%
nz uS AuSTRALiA uS CAnADA
CHARTWELL jv CHARTWELL jv
SETTLERS gARDEn viLLAgES
----- End of picture text -----
1
pRopeRty poRtfoLIo
==> picture [554 x 314] intentionally omitted <==
----- Start of picture text -----
103 pRopeRtIeS
73 SeNIoRS CommUNItIeS
23 StUDeNt CommUNItIeS
16 DeveLopmeNt SIteS
CompLeteD UNItS
10,029
pIpeLINe UNItS
1,119
86% AveRAGe poRtfoLIo oCCUpANCy
980m totAL ASSetS [ 1]
----- End of picture text -----
“ Key investment attributes of the seniors housing asset class continue to provide the Fund with a sustainable future. In the long term, ILF aims to become a successful owner and operator of senior communities.”
1) As at 30 June 2009
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
==> picture [456 x 267] intentionally omitted <==
AUSTRALIAN NEW ZEALAND UNITED STATES UNITED STATES CANADIAN SENIORS 45 STUDENTS 3 SENIORS 27 STUDENTS 20 SENIORS 8 NeW SoUth WALeS 7 WeLLINGtoN 3 ALAbAmA 1 CoNNeCtICUt 18 oNtARIo 8 QUeeNSLAND 13 CoLoRADo 6 fLoRIDA 2 SoUth AUStRALIA 1 fLoRIDA 4 tASmANIA 5 mIChIGAN 2 vICtoRIA 11 NeW yoRk 6 WeSteRN AUStRALIA 8 ohIo 3 okLAhomA 1 RhoDe ISLAND 1 teNNeSSee 1 teXAS 1 vIRGINIA 1
2 3
AuSTRALiAn SEniORS
==> picture [222 x 106] intentionally omitted <==
==> picture [326 x 106] intentionally omitted <==
SETTLERS mEADOW SpRINgS, WA gARDEN vILLAgES TAREE, NSW
In Australia, ILf has an interest in 38 seniors housing communities, six of which have spare land capable of further development. As at 30 June 2009, this translated into 2,490 existing units and a development pipeline of 304 units. ILf owns six strata titled managers units and one greenfield site, all of which are designated for sale.
by value, approximately 69% of the Australian portfolio is based on the rental model. the remaining assets are invested in the Deferred management fee (Dmf) model, providing income streams sourced from development profit and deferred management fees.
| pORTfOLIO | SETTLERS | gARDEN vILLAgES |
|---|---|---|
| book vALUe AS At 30 JUNe 2009(A$m) 1 | 68.1 | 152.9 |
| oWNeRShIp INteReSt % | 100% | 100% |
| NUmbeR of pRopeRtIeS | 4 | 41 |
| CompLeteD UNItS | 644 | 1,846 |
| pIpeLINe UNItS | 92 | 212 |
| % of totAL fUND(ASSetS) | 7.0% | 15.6% |
1) ILf’s ownership interest
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
SETTLERS nOYEA, mOunT WARREn PARk, qLD
4 5
AuSTRALiAn SEniORS
poRtfoLIo StAtIStICS
| pROpERTy | yEAR bUILT / | SITE AREA | ||||
|---|---|---|---|---|---|---|
| pORTfOLIO | pROpERTy NAmE | LOCATION | TypE | REfURbIShED | m 2OR hA | TITLE |
| SETTLERS | LAkeSIDe2 | RAveNSWooD, WA | vILLAGe | CommeNCeD 1999 | 14.6 | fReehoLD |
| meADoW SpRINGS2 | meADoW SpRINGS, WA | vILLAGe | CommeNCeD 2003 | 3.2 | fReehoLD | |
| NoyeA pARk2 | moUNt WARReN pARk, QLD | vILLAGe | CommeNCeD 1987 | 8.8 | fReehoLD | |
| RIDGeWooD RISe2 | RIDGeWooD, WA | vILLAGe | CommeNCeD 2002 | 10.8 | fReehoLD | |
| gARDEn viLLAgES | yAkAmIA GARDeNS | yAkAmIA, WA | vILLAGe | 2,004 | 7,307 | fReehoLD |
| mARDRoSS GARDeNS | LAvINGtoN, NSW | vILLAGe | 2005 | 7,253 | fReehoLD | |
| SevILLe GRove GARDeNS | SevILLe GRove, WA | vILLAGe | 2003 | 5,275 | fReehoLD | |
| heRtfoRD GARDeNS | SebAStopoL, vIC | vILLAGe | 2,004 | 4,973 | fReehoLD | |
| beNDIGo 1 | beNDIGo, vIC | mANAGeRS UNIt | N/A | N/A | fReehoLD | |
| beNDIGo 2 | beNDIGo, vIC | mANAGeRS UNIt | N/A | N/A | fReehoLD | |
| CARey pARk GARDeNS | bUNbURy, WA | vILLAGe | 2,005 | 5,692 | fReehoLD | |
| JeffeRIS GARDeNS | bUNDAbeRG NoRth, QLD | vILLAGe | 2,005 | 7,324 | fReehoLD | |
| CAbooLtURe | CAbooLtURe, QLD | mANAGeRS UNIt | N/A | N/A | fReehoLD | |
| CeSSNoCk GARDeNS | CeSSNoCk, NSW | vILLAGe | 2,004 | 11,171 | fReehoLD | |
| CLARemoNt GARDeNS | CLARemoNt, tAS | vILLAGe | 2,004 | 6,831 | fReehoLD | |
| tALoUmbI GARDeNS | CoffS hARboUR, NSW | vILLAGe | 2,004 | 6,164 | fReehoLD | |
| DevoNpoRt GARDeNS | DevoNpoRt, tAS | vILLAGe | 2004 | 6,290 | fReehoLD | |
| WheeLeRS GARDeNS | DUbbo, NSW | vILLAGe | 2005 | 6,800 | fReehoLD | |
| eLphINWooD GARDeNS | LAUNCeStoN, tAS | vILLAGe | 2003 | 6,334 | fReehoLD | |
| GLeNoRChy GARDeNS | GLeNoRChy, tAS | vILLAGe | 2005 | 4,781 | fReehoLD | |
| ChAtSbURy GARDeNS | GoULbURN, NSW | vILLAGe | 2003 | 6,036 | fReehoLD | |
| GRoveDALe GARDeNS | GRoveDALe, vIC | vILLAGe | 2006 | 6,592 | fReehoLD | |
| hoRShAm GARDeNS | hoRShAm, vIC | vILLAGe | 2005 | 5,459 | fReehoLD | |
| IpSWICh GARDeNS | IpSWICh, QLD | vILLAGe | 2001 | 5,625 | fReehoLD | |
| kINGStoN GARDeNS | kINGStoN, tAS | vILLAGe | 2006 | 9,233 | fReehoLD | |
| LoveLy bANkS GARDeNS | CoRIo, vIC | vILLAGe | 2006 | 14,940 | fReehoLD |
1) book value based on independent external valuations as at 30 June 2009 for Garden villages and internal valuations at 30 June 2009 for Settlers
2) these property values are from the latest valuations which are based on a realisable value including the owner’s entitlement to current and future deferred management fees
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
==> picture [596 x 150] intentionally omitted <==
==> picture [596 x 43] intentionally omitted <==
| bOOk vALUE | bOOk vALUE | % Of | |||||||
|---|---|---|---|---|---|---|---|---|---|
| AS AT | OWNERShIp | TOTAL | |||||||
| 30 jUNE 2009 | INTEREST | OWNERShIp | COmpLETED | pIpELINE | TOTAL | DISCOUNT | fUND | ||
| A$m 1 | A$m | CAp RATE | INTEREST | UNITS | UNITS | UNITS | OCCUpANCy | RATE (Dmf) | (ASSETS) |
| 27.3 | 27.3 | N/A | 100% | 231 | 0 | 231 | 92% | 13.00% | 2.8% |
| 7.0 | 7.0 | N/A | 100% | 56 | 60 | 116 | 93% | 13.00% | 0.7% |
| 7.9 | 7.9 | N/A | 100% | 149 | 0 | 149 | 99% | 13.00% | 0.8% |
| 25.9 | 25.9 | N/A | 100% | 208 | 32 | 240 | 87% | 13.00% | 2.6% |
| 5.4 | 5.4 | 8.25% | 100% | 56 | 56 | 86% | 0.5% | ||
| 5.3 | 5.3 | 8.00% | 100% | 51 | 51 | 78% | 0.5% | ||
| 3.8 | 3.8 | 8.00% | 100% | 44 | 44 | 100% | 0.4% | ||
| 3.1 | 3.1 | 8.50% | 100% | 47 | 47 | 70% | 0.3% | ||
| 0.3 | 0.3 | 11.09% | 100% | 1 | 1 | 100% | 0.0% | ||
| 0.3 | 0.3 | 11.09% | 100% | 1 | 1 | 100% | 0.0% | ||
| 4.0 | 4.0 | 8.25% | 100% | 50 | 50 | 76% | 0.4% | ||
| 3.8 | 3.8 | 8.50% | 100% | 50 | 50 | 52% | 0.4% | ||
| 0.3 | 0.3 | 8.10% | 100% | 1 | 1 | 100% | 0.0% | ||
| 5.4 | 5.4 | 8.00% | 100% | 54 | 6 | 60 | 74% | 0.6% | |
| 3.6 | 3.6 | 8.50% | 100% | 50 | 50 | 70% | 0.4% | ||
| 4.8 | 4.8 | 8.25% | 100% | 50 | 50 | 90% | 0.5% | ||
| 3.2 | 3.2 | 8.75% | 100% | 50 | 50 | 64% | 0.3% | ||
| 3.9 | 3.9 | 8.25% | 100% | 51 | 51 | 76% | 0.4% | ||
| 3.8 | 3.8 | 8.50% | 100% | 54 | 54 | 76% | 0.4% | ||
| 4.0 | 4.0 | 8.00% | 100% | 42 | 42 | 100% | 0.4% | ||
| 3.8 | 3.8 | 8.25% | 100% | 48 | 48 | 75% | 0.4% | ||
| 4.5 | 4.5 | 8.00% | 100% | 50 | 50 | 74% | 0.5% | ||
| 4.4 | 4.4 | 8.00% | 100% | 46 | 46 | 70% | 0.4% | ||
| 2.4 | 2.4 | 8.00% | 100% | 45 | 45 | 58% | 0.2% | ||
| 2.8 | 2.8 | 8.75% | 100% | 50 | 50 | 44% | 0.3% | ||
| 4.4 | 4.4 | 8.75% | 100% | 65 | 70 | 135 | 52% | 0.5% |
6 7
AuSTRALiAn SEniORS
poRtfoLIo StAtIStICS
| pROpERTy | yEAR bUILT / | SITE AREA | ||||
|---|---|---|---|---|---|---|
| pORTfOLIO | pROpERTy NAmE | LOCATION | TypE | REfURbIShED | m 2OR hA | TITLE |
| gARDEn viLLAgES | SeA SCApe GARDeNS | eRSkINe, WA | vILLAGe | 2004 | 6,545 | fReehoLD |
| mARSDeN GARDeNS | mARSDeN, QLD | vILLAGe | 2006 | 12,010 | fReehoLD | |
| CobURNS GARDeNS | bRookfIeLD, vIC | vILLAGe | 2004 | 6,761 | fReehoLD | |
| bRookLyN GARDeNS | bRookfIeLD, vIC | vILLAGe | 2005 | 5,950 | fReehoLD | |
| oXLey GARDeNS | poRt mACQUARIe, NSW | vILLAGe | 2004 | 5,100 | fReehoLD | |
| SALISbURy | SALISbURy DoWNS, SA | mANAGeRS UNIt | N/A | N/A | fReehoLD | |
| toWNSeND GARDeNS | St ALbANS pARk, vIC | vILLAGe | 2005 | 8,290 | fReehoLD | |
| St ALbANS pARk GARDeNS | St ALbANS pARk, vIC | vILLAGe | 2005 | 8,290 | fReehoLD | |
| SWAN vIeW GARDeNS | SWAN vIeW, WA | vILLAGe | 2006 | 8,026 | fReehoLD | |
| tARee GARDeNS | tARee, NSW | vILLAGe | 2006 | 9,385 | fReehoLD | |
| tooWoombA | tooWoombA, QLD | mANAGeRS UNIt | N/A | N/A | fReehoLD | |
| tooWoombA GARDeNS | tooWoombA, QLD | vILLAGe | 2004 | 6,320 | fReehoLD | |
| NeWtoWN GARDeNS | tooWoombA, QLD | vILLAGe | 2004 | 6,216 | fReehoLD | |
| GLeNvALe GARDeNS | tooWoombA, QLD | vILLAGe | 2005 | 6,270 | fReehoLD | |
| WANGARAttA | WANGARAttA, vIC | vILLAGe SIte | N/A | 5,947 | fReehoLD | |
| WyNNUm | WyNNUm, QLD | mANAGeRS UNIt | N/A | N/A | fReehoLD | |
| foReSt LAke GARDeNS | foReSt LAke, QLD | vILLAGe | 2,006 | 9,859 | fReehoLD | |
| SoUth GLADStoNe GARDeNS | GLADStoNe, QLD | vILLAGe | 2,006 | 12,564 | fReehoLD | |
| RoCkhAmptoN GARDeNS | RoCkhAmptoN, QLD | vILLAGe | 2,007 | 22,240 | fReehoLD |
TOTAL
1) book value based on independent external valuations as at 30 June 2009 for Garden villages.
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
==> picture [596 x 150] intentionally omitted <==
==> picture [596 x 43] intentionally omitted <==
| bOOk vALUE | bOOk vALUE | % Of | |||||||
|---|---|---|---|---|---|---|---|---|---|
| AS AT | OWNERShIp | TOTAL | |||||||
| 30 jUNE 2009 | INTEREST | OWNERShIp | COmpLETED | pIpELINE | TOTAL | DISCOUNT | fUND | ||
| A$m 1 | A$m | CAp RATE | INTEREST | UNITS | UNITS | UNITS | OCCUpANCy | RATE (Dmf) | (ASSETS) |
| 4.3 | 4.3 | 8.50% | 100% | 50 | 50 | 92% | 0.4% | ||
| 8.6 | 8.6 | 8.50% | 100% | 96 | 96 | 58% | 0.9% | ||
| 3.2 | 3.2 | 8.50% | 100% | 50 | 50 | 68% | 0.3% | ||
| 3.1 | 3.1 | 8.50% | 100% | 50 | 50 | 52% | 0.3% | ||
| 3.6 | 3.6 | 8.50% | 100% | 44 | 44 | 50% | 0.4% | ||
| 0.3 | 0.3 | 9.63% | 100% | 1 | 1 | 100% | 0.0% | ||
| 3.5 | 3.5 | 8.50% | 100% | 49 | 49 | 80% | 0.4% | ||
| 3.9 | 3.9 | 8.50% | 100% | 52 | 52 | 71% | 0.4% | ||
| 7.1 | 7.1 | 8.25% | 100% | 72 | 72 | 97% | 0.7% | ||
| 4.2 | 4.2 | 8.50% | 100% | 50 | 50 | 62% | 0.4% | ||
| 0.3 | 0.3 | 9.88% | 100% | 1 | 1 | 100% | 0.0% | ||
| 3.6 | 3.6 | 8.75% | 100% | 50 | 50 | 64% | 0.4% | ||
| 4.0 | 4.0 | 8.75% | 100% | 58 | 58 | 62% | 0.4% | ||
| 2.7 | 2.7 | 8.75% | 100% | 50 | 50 | 50% | 0.3% | ||
| 0.3 | 0.3 | N/A | 100% | 0 | 50 | 50 | N/A | 0.0% | |
| 0.3 | 0.3 | 8.26% | 100% | 1 | 1 | 100% | 0.0% | ||
| 10.7 | 10.7 | 8.25% | 100% | 86 | 86 | 90% | 1.1% | ||
| 5.5 | 5.5 | 8.25% | 100% | 56 | 30 | 86 | 63% | 0.6% | |
| 7.4 | 7.4 | 8.25% | 100% | 74 | 56 | 130 | 66% | 0.8% | |
| 221.0 | 221.0 | 2,490 | 304 | 2,794 | 76% | 22.6% |
8 9
AuSTRALiAn SEniORS
SETTLERS
==> picture [222 x 151] intentionally omitted <==
==> picture [327 x 151] intentionally omitted <==
==> picture [554 x 9] intentionally omitted <==
----- Start of picture text -----
LAkESIDE, RAvENSWOOD, WA
----- End of picture text -----
the Settlers portfolio comprises four lifestyle retir ~~ement villages, th~~ ree of which are located in Western Australia and one in Queensland. ILf acquired this portfolio in April 2007 for $47 million.
the Settlers portfolio currently comprises 644 c ~~ompleted ILUs and~~ has a further 92 units either in the construction or pending development stage. Upon completion, the portfolio will have in total of 736 ILUs.
In the 12 months to June 2009, Settler ~~s completed sales of 34 new~~ units, grossing $13 million and the resale of 14 existing units with proceeds circa $630,000. In softening residential markets, these are considered good results. the popularity of the Settlers brand and management’s maintenance of these quality villages has resulted in high resident satisfaction. this is evidenced through resident referrals driving 50% of new sales in the year.
==> picture [554 x 284] intentionally omitted <==
----- Start of picture text -----
LAKESIDE
MEADOW SPRINGS
RIDGEWOOD RISE
NT
WA QLD
NOYEA PARK
SA
NSW
VIC
----- End of picture text -----
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
gARDEn viLLAgES
==> picture [222 x 151] intentionally omitted <==
==> picture [256 x 151] intentionally omitted <==
==> picture [483 x 9] intentionally omitted <==
----- Start of picture text -----
fOREST LAkE gARDENS, qLD SWAN vIEW gARDENS, WA
----- End of picture text -----
the 34 Garden villages properties are located i ~~n geographically~~ diverse regions across Australia, situated in well developed residential neighbourhoods where a high proportion of the population is aged over 65. the portfolio has been valued at $152.9 million as at 30 June 2009, representing 16% of the fund’s assets.
the Garden villages portfolio contributes to the fund a rental stream which has historically delivered an attractive growth rate of 4.0% per annum. this is predominantly supported by the growth in the Australian aged pension.
on 1 october 2008, ILf internalised management of the Garden villages portfolio and in this time has increased occupancy by circa 6%.
ALBANY ARMADALE MANDURAH SWAN VIEW BUNBURY
BUNDABERG FOREST LAKE IPSWICH MARSDEN ROCKHAMPTON SOUTH GLADSTONE TOOWOOMBA
NT QLD ROCKHAMPTON WA SOUTH GLADSTONE TOOWOOMBA SA ALBURY CESSNOCK NSW COFFS HARBOUR VIC BALLARAT DUBBO BENDIGO GOULBURN GROVEDALE PORT MACQUARIE CLAREMONT HORSHAM TAREE DEVONPORT LOVELY BANKS GLENORCHY MELTON LAUNCESTON ST ALBANS PARK KINGSTON WANGARATTA
10 11
CAnADiAn SEniORS
==> picture [222 x 106] intentionally omitted <==
==> picture [327 x 106] intentionally omitted <==
==> picture [554 x 10] intentionally omitted <==
----- Start of picture text -----
REgENCy ThE bRANT CENTRE, bURLINgTON, ONTARIO REgENCy ThE WyNfIELD, OShAWA, ONTARIO
----- End of picture text -----
the fund owns a 50% interest in the Regency portfolio, consisting of eight Class A Long term Care (LtC) facilities. the assets are located in the Greater toronto Area of ontario, Canada and represents the fund’s diversification into the Canadian seniors housing market and the LtC asset class.
All assets were constructed in 2001 or later and are located in areas with strong underlying demand for LtC facilities. the portfolio has a strong track record of high occupancy and waitlists.
| pORTfOLIO | REgENCy |
|---|---|
| book vALUeS AS At 30 JUNe 2009(A$m) | 101.71 |
| oWNeRShIp INteReSt % | 50% |
| NUmbeR of pRopeRtIeS | 8 |
| totAL UNItS | 1,179 |
| pIpeLINe UNItS | 400 |
| % of totAL fUND(ASSetS) | 10.4% |
1) ILf’s ownership interest
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
REgEnCY THE WATERFORD, OAkviLLE, OnTARiO
12 13
CAnADiAn SEniORS
poRtfoLIo StAtIStICS
| pROpERTy | yEAR bUILT / | SITE AREA | ||||
|---|---|---|---|---|---|---|
| pORTfOLIO | pROpERTy NAmE | LOCATION | TypE | REfURbIShED | ACRES | TITLE |
| REgEnCY | the bRANt CeNtRe | bURLINGtoN, oNtARIo | CLASS A LtC | 2003 | 3.7 | LeASehoLD |
| the WAteRfoRD | oAkvILLe, oNtARIo | CLASS A LtC | 2003 | 4.4 | fReehoLD | |
| the WeNLeIGh | mISSISSAUGA, oNtARIo | CLASS A LtC | 2001 | 2.7 | fReehoLD | |
| the WeStbURy | toRoNto, oNtARIo | CLASS A LtC | 2004 | 1.2 | LeASehoLD | |
| the WeStmoUNt | kItCheNeR, oNtARIo | CLASS A LtC | 2002 | 4.2 | fReehoLD | |
| the WILLoWGRove | ANCASteR, oNtARIo | CLASS A LtC | 2004 | 2.9 | fReehoLD | |
| the WooDhAveN | mARkhAm, oNtARIo | CLASS A LtC | 2003 | 4.0 | LeASehoLD | |
| the WyNfIeLD | oShAWA, oNtARIo | CLASS A LtC | 2003 | 4.0 | fReehoLD | |
| TOTAL |
ReGeNCy
==> picture [222 x 106] intentionally omitted <==
==> picture [327 x 106] intentionally omitted <==
ThE WOODhAvEN, mARkhAm, ONTARIO ThE WyNfIELD, OShAWA, ONTARIO
the fund acquired a 50% interest in a portfolio of eight Class A Long term Care (LtC) facilities situated within the Greater toronto Area (GtA) of ontario, Canada. four of the eight sites have further development potential via excess land zoned for the addition of approximately 400 non-care (assisted living or independent living) units.
the average age of the assets in the Regency portfolio is six years. the Regency portfolio is managed by Chartwell Seniors housing ReIt, Canada’s largest manager of seniors housing facilities. Chartwell also owns the remaining 50% interest in the portfolio.
the Regency portfolio has a strong track record of high occupancies and receives funding from the ministry of health of up to 100% for properties with occupancies of 97% or greater.
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
==> picture [596 x 150] intentionally omitted <==
==> picture [596 x 43] intentionally omitted <==
| bOOk vALUE | bOOk vALUE | bOOk vALUE | % Of | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AS AT | AS AT | OWNERShIp | pROpORTION | WAITINg | TOTAL | ||||||
| 30 jUNE 2009 | 30 jUNE 2009 | INTEREST | OWNERShIp | LICENSED | TOTAL | pIpELINE | Of pREfERRED | LIST (% Of | fUND | ||
| CAD$m | A$m 1 | A$m | CAp RATE | INTEREST |
bEDS | UNITS | UNITS | ACCOmmODATION | OCCUpANCy | TOTAL bEDS) | (ASSETS) |
| 23.8 | 25.4 | 12.7 | 8.5% | 50% |
175 | 140 | 60% | 100% | 122% | 1.3% | |
| 24.4 | 26.0 | 13.0 | 8.5% | 50% |
168 | 136 | 100 | 60% | 100% | 81% | 1.3% |
| 22.2 | 23.7 | 11.9 | 8.5% | 50% |
161 | 155 | 60% | 99% | 86% | 1.2% | |
| 24.7 | 26.3 | 13.2 | 8.5% | 50% |
187 | 145 | 60% | 99% | 89% | 1.3% | |
| 22.3 | 23.8 | 11.9 | 8.5% | 50% |
161 | 141 | 100 | 60% | 99% | 93% | 1.2% |
| 23.4 | 24.9 | 12.5 | 8.5% | 50% |
169 | 137 | 60% | 99% | 143% | 1.3% | |
| 24.7 | 26.4 | 13.2 | 8.5% | 50% |
192 | 173 | 100 | 60% | 98% | 59% | 1.3% |
| 25.1 | 26.8 | 13.4 | 8.5% | 50% |
172 | 152 | 100 | 60% | 99% | 249% | 1.4% |
| 190.6 | 203.30 | 101.7 | 1,179 | 400 | 99% | 10.4% |
==> picture [338 x 230] intentionally omitted <==
----- Start of picture text -----
CANADA
ONTARIO
----- End of picture text -----
==> picture [80 x 85] intentionally omitted <==
----- Start of picture text -----
THE BRANT CENTRE
THE WATERFORD
THE WENLEIGH
THE WESTBURY
THE WESTMOUNT
THE WILLOWGROVE
THE WOODHAVEN
THE WYNFIELD
----- End of picture text -----
1) exchange rate of A$1 = C$0.979
14 15
uS SEniORS
the US seniors portfolio represents 54% of the fund’s assets, comprising 27 assets. the assets are primarily located in areas where there is solid demand for seniors housing. ILf has a 49% interest in 26 assets, which were acquired in conjunction with Chartwell ReIt, a leading seniors housing ReIt based in ontario, Canada.
A number of internal growth opportunities are embedded within the portfolio, including a 98-unit extension in Richmond, virginia which was completed in may 2009.
the properties are managed by two operators; horizon bay Seniors Communities (horizon bay), ranked in the top 20 seniors accommodation managers by the American Seniors housing Association, and Ultimate Care, managers of our premium bristal brand in Long Island. both of these operators continue to manage our portfolios efficiently in challenging times.
| LAkE | |||||||
|---|---|---|---|---|---|---|---|
| pORTfOLIO | ASpEN | bRISTAL 2 | CypRESS | mERIDIAN | WORTh | pOCASSET | TROWbRIDgE |
| book vALUe AS At 30 JUNe 2009(A$m) 1114.6 | 150.1 | 80.8 | 152.8 | 7.2 | 13.9 | 10.5 | |
| oWNeRShIp INteReSt | 49% | 49% | 49% | 49% | 49% | 49% | 49% |
| NUmbeR of pRopeRtIeS | 8 | 6 | 4 | 6 | 1 | 1 | 1 |
| CompLeteD UNItS | 1,461 | 760 | 818 | 1,042 | 168 | 169 |
300 |
| pIpeLINe UNItS | 0 | 0 | 0 | 415 | 0 | 0 | 0 |
| % of totAL fUND(ASSetS) | 11.7% | 15.4% | 8.3% | 15.6% | 0.7% | 1.4% | 1.1% |
1) ILf’s ownership interest 2) Includes 100% interest in Lynbrook
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
BRiSTAL nORTH WOODmERE, nEW YORk
16 17
uS SEniORS
poRtfoLIo StAtIStICS
| bOOk vALUE | ||||||
|---|---|---|---|---|---|---|
| AS AT | ||||||
| yEAR bUILT / | SITE AREA | 30 jUNE 2008 | ||||
| pORTfOLIO | pROpERTy NAmE | LOCATION | REfURbIShED | ACRES | TITLE | US$m 1 |
| ASPEn | AmbeR pARk | CINCINNAtI, ohIo | 1983 | 3.6 | fee SImpLe | 10.4 |
| beLLA vItA | veNICe, fLoRIDA | 1988/1999 | 5 | fee SImpLe | 21.9 | |
| GAytoN teRRACe | RIChmoND, vIRGINIA | 1987 | 9.9 | fee SImpLe | 52.8 | |
| vILLAGe At LoWRy | DeNveR, CoLoRADo | 1995/2002 | 4.9 | fee SImpLe | 24.1 | |
| WAteRfoRD | DAytoN, ohIo | 1987 | 8.3 | fee SImpLe | 3.9 | |
| WILLoWWooD | ft. LAUDeRDALe, fLoRIDA | 1987/1995/2007 | 18.3 | fee SImpLe | 32.4 | |
| WooDSIDe vILLAGe | beDfoRD, ohIo | 1988 | 20 | fee SImpLe | 24.0 | |
| WyNDhAm LAkeS | JACkSoNvILLe, fLoRIDA | 1986 | 13.7 | fee SImpLe | 19.2 | |
| BRiSTAL | eASt meADoW | eASt meADoW, NeW yoRk | 2000 | 3 | fee SImpLe | 30.8 |
| LyNbRook | LyNbRook, NeW yoRk | 1971/1998/2008 | 1.05 | fee SImpLe | 26.0 | |
| mASSApeQUA | mASSApeQUA, NeW yoRk | 2006 | 4.7 | fee SImpLe | 36.8 | |
| NoRth hILLS | NoRth hILLS, NeW yoRk | 2004 | 4.2 | fee SImpLe | 59.0 | |
| NoRth WooDmeRe | NoRth WooDmeRe, NeW yoRk | 2003 | 2.9 | fee SImpLe | 31.4 | |
| WeStbURy | WeStbURy, NeW yoRk | 2001 | 2.3 | fee SImpLe | 36.1 | |
| CYPRESS | AUDUboN pARk | memphIS, teNNeSSee | 2001 | 12 | fee SImpLe | 34.0 |
| SteRLING heIGhtS | SteRLING heIGhtS, mIChIGAN | 2002 | 13.4 | fee SImpLe | 33.8 | |
| tULSA | tULSA, okLAhomA | 2001 | 12.3 | fee SImpLe | 30.4 | |
| veStAvIA hILLS | bIRmINGhAm, ALAbAmA | 2001 | 11.4 | fee SImpLe | 34.8 | |
| mERiDiAn | ARvADA | ARvADA, CoLoRADo | 1988 | 7.8 | fee SImpLe | 28.8 |
| boULDeR | boULDeR, CoLoRADo | 1986 | 3.8 | fee SImpLe | 28.0 | |
| eNGLeWooD | eNGLeWooD, CoLoRADo | 1985/2007 | 3.9 | fee SImpLe | 73.8 | |
| LAkeWooD | LAkeWooD, CoLoRADo | 1988 | 9.9 | fee SImpLe | 47.1 | |
| tempLe | tempLe, teXAS | 1984 | 21 | fee SImpLe | 41.1 | |
| WeStLAND | LAkeWooD, CoLoRADo | 1988 | 12.2 | fee SImpLe | 32.7 | |
| inDEPEnDEnT ASSETS | LAke WoRth GARDeNS | LAkeWoRth, fLoRIDA | 1984/2007 | 7.3 | fee SImpLe | 11.8 |
| poCASSet bAy mANoR | JohNStoN, RhoDe ISLAND | 1989/2003 | 13.3 | fee SImpLe | 22.8 | |
| the pARk At tRoWbRIDGe | SoUthfIeLD, mIChIGAN | 1988/2005 | 7 | fee SImpLe | 17.3 | |
| TOTAL | 845.1 |
3) Gayton terrace expansion in lease-up
1) book value based on independent external valuations as at 30 June 2009
2) exchange rate of A$1 = US$0.8065
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
==> picture [596 x 150] intentionally omitted <==
==> picture [596 x 43] intentionally omitted <==
| bOOk vALUE | bOOk vALUE | % Of | |||||||
|---|---|---|---|---|---|---|---|---|---|
| AS AT | OWNERShIp | TOTAL | TOTAL | TOTAL | |||||
| 30 jUNE 2009 | INTEREST | OWNERShIp | UNITS | UNITS | TOTAL | pIpELINE | fUND | ||
| A$m 2 | A$m | CAp RATE | INTEREST | ILU | ALU | UNITS | UNITS | OCCUpANCy | (ASSETS) |
| 12.9 | 6.3 | 8.50% | 49% | 66 | 59 | 125 | 86% | 0.6% | |
| 27.2 | 13.3 | 8.25% | 49% | 63 | 52 | 115 | 90% | 1.4% | |
| 65.5 | 32.1 | 8.25% | 49% | 102 | 96 | 198 | 44%3 | 3.3% | |
| 29.9 | 14.6 | 8.25% | 49% | 90 | 65 | 155 | 100% | 1.5% | |
| 4.8 | 2.4 | 8.75% | 49% | 110 | 0 | 110 | 74% | 0.2% | |
| 40.2 | 19.7 | 8.75% | 49% | 208 | 78 | 286 | 81% | 2.0% | |
| 29.8 | 14.6 | 8.75% | 49% | 87 | 144 | 231 | 82% | 1.5% | |
| 23.8 | 11.7 | 8.50% | 49% | 96 | 145 | 241 | 96% | 1.2% | |
| 38.2 | 18.7 | 7.50% | 49% | 0 | 121 | 121 | 93% | 1.9% | |
| 32.2 | 32.2 | 8.25% | 100% | 0 | 120 | 120 | 67% | 3.3% | |
| 45.6 | 22.4 | 7.50% | 49% | 0 | 120 | 120 | 100% | 2.3% | |
| 73.1 | 35.8 | 7.50% | 49% | 0 | 141 | 141 | 98% | 3.7% | |
| 38.9 | 19.1 | 7.75% | 49% | 0 | 118 | 118 | 79% | 2.0% | |
| 44.8 | 21.9 | 7.75% | 49% | 0 | 140 | 140 | 90% | 2.2% | |
| 42.2 | 20.7 | 7.75% | 49% | 176 | 0 | 176 | 94% | 2.1% | |
| 41.9 | 20.5 | 8.00% | 49% | 222 | 0 | 222 | 82% | 2.1% | |
| 37.7 | 18.5 | 8.00% | 49% | 198 | 0 | 198 | 88% | 1.9% | |
| 43.1 | 21.1 | 8.00% | 49% | 222 | 0 | 222 | 82% | 2.2% | |
| 35.7 | 17.5 | 8.25% | 49% | 109 | 16 | 125 | 143 | 100% | 1.8% |
| 34.7 | 17.0 | 8.25% | 49% | 89 | 7 | 96 | 92% | 1.7% | |
| 91.5 | 44.8 | 8.50% | 49% | 175 | 91 | 266 | 48 | 92% | 4.6% |
| 58.4 | 28.6 | 8.50% | 49% | 101 | 71 | 172 | 91% | 2.9% | |
| 51.0 | 25.0 | 8.50% | 49% | 170 | 60 | 230 | 122 | 97% | 2.6% |
| 40.5 | 19.9 | 8.50% | 49% | 134 | 19 | 153 | 102 | 92% | 2.0% |
| 14.6 | 7.2 | 8.50% | 49% | 168 | 0 | 168 | 99% | 0.7% | |
| 28.3 | 13.9 | 8.00% | 49% | 110 | 59 | 169 | 96% | 1.4% | |
| 21.5 | 10.5 | 8.50% | 49% | 300 | 0 | 300 | 90% | 1.1% | |
| 1,047.9 | 529.9 | 2,996 | 1,722 | 4,718 | 415 | 88% | 54.2% |
18 19
uS SEniORS
ASPEn
==> picture [222 x 151] intentionally omitted <==
==> picture [327 x 151] intentionally omitted <==
==> picture [554 x 8] intentionally omitted <==
----- Start of picture text -----
WILLOWWOOD, fT. LAUDERDALE, fLORIDA gAyTON TERRACE, RIChmOND, vIRIgNIA (ARTIST RENDERINg)
----- End of picture text -----
owned since April 2006, the Aspen portfolio comprises 1,461 completed units and is located in the states of florida, virginia, Colorado and ohio.
the portfolio has demonstrated an average occupancy of 89% for the 12 months to June 2009. Gayton terrace in virginia has completed an expansion of the community which will enhance its offering in the local market. In response to market demand, we are reviewing opportunities to increase ancillary services to more Assisted Living residents.
the states of florida and ohio have suffered economically in the past year and together with our operator, we have responded with new marketing strategies to drive inquiry traffic.
==> picture [81 x 162] intentionally omitted <==
----- Start of picture text -----
VILLAGE AT LOWRY
AMBER PARK
WATERFORD
WOODSIDE VILLAGE
GAYTON TERRACE
BELLA VITA
WILLOWWOOD
WYNDHAM LAKES
----- End of picture text -----
==> picture [317 x 158] intentionally omitted <==
----- Start of picture text -----
UNITED STATES
OHIO
COLORADO VIRGINIA
FLORIDA
----- End of picture text -----
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
BRiSTAL
==> picture [222 x 151] intentionally omitted <==
==> picture [256 x 151] intentionally omitted <==
==> picture [483 x 9] intentionally omitted <==
----- Start of picture text -----
LyNbROOk, NEW yORk EAST mEADOW, NEW yORk
----- End of picture text -----
In october 2006, the fund’s joint venture acquired five high quality assisted living communities in Long Island, New york for US$290.5 million. In December 2007, the fund further added to the portfolio with the acquisition of a 100% interest in Lynbrook where a significant refurbishment was completed in January 2009. this repositioned the property to the same high standard as the existing bristal portfolio.
In this past year, the portfolio has demonstrated an average occupancy of 88%, which is reflective of the Lynbrook repositioning together with the recessionary US economy and events such as the madoff scandal where many of our residents were affected financially. Directed marketing initiatives, leasing events and flexible pricing strategies are being explored to improve the occupancy going forward.
==> picture [483 x 225] intentionally omitted <==
----- Start of picture text -----
UNITED STATES NEW YORK EAST MEADOW
LYNBROOK
MASSAPEQUA
NORTH HILLS
NORTH WOODMERE
WESTBURY
----- End of picture text -----
20 21
uS SEniORS
CYPRESS
==> picture [222 x 151] intentionally omitted <==
==> picture [327 x 151] intentionally omitted <==
==> picture [554 x 9] intentionally omitted <==
----- Start of picture text -----
AUDUbON pARk, mEmphIS, TENNESSEE
----- End of picture text -----
In may 2006, the fund acquired a portfolio of four independent living seniors housing assets for US$128.2 million. the portfolio includes a total of 818 units locate ~~d in four modern, purpo~~ se built complexes situated in the states of oklahoma, michigan, tennessee and Alabama in areas with strong income demographics.
the portfolio has demonstrated an average occupancy of 93% for the 12 months to June 2009, a result that is well above industry average. these geographically diversified properties are well established communities in each of their markets and have been consistent performers for the fund.
==> picture [554 x 225] intentionally omitted <==
----- Start of picture text -----
STERLING HEIGHTS
MICHIGAN
UNITED STATES
TULSA
OKLAHOMA AUDUBON PARK
TENNESSEE
VESTAVIA HILLS
ALABAMA
----- End of picture text -----
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
mERiDiAn
==> picture [222 x 151] intentionally omitted <==
==> picture [256 x 151] intentionally omitted <==
==> picture [483 x 9] intentionally omitted <==
----- Start of picture text -----
LAkEWOOD, COLORADO TEmpLE, TExAS
----- End of picture text -----
In July 2005, ILf announced the acquisition of six Class A seniors housing communities for US$232 million. five of the assets are in Colorado and one in texas.
this portfolio is another consistent performer for the fund, achieving an average occupancy of 93% for the 12 months to June 2009. 18% of the portfolio is comprised of skilled nursing beds which enables the properties to attract and retain residents requiring a higher level of care, and enabling the portfolio to maintain suitable occupancy levels.
==> picture [483 x 225] intentionally omitted <==
----- Start of picture text -----
ARVADA
BOULDER
ENGLEWOOD
LAKEWOOD
UNITED STATES WESTLAND
COLORADO
TEXAS
TEMPLE
----- End of picture text -----
22 23
uS SEniORS
inDEPEnDEnT ASSETS
==> picture [222 x 151] intentionally omitted <==
==> picture [327 x 151] intentionally omitted <==
==> picture [554 x 9] intentionally omitted <==
----- Start of picture text -----
LAkE WORTh gARDENS, LAkEWORTh, fLORIDA pOCASSET bAy mANOR, jOhNSTON, RhODE ISLAND
----- End of picture text -----
through the joint venture, ILf acquired a 49% interest in three independent assets over a two year period. In october 2005, the park at trowbridge in michigan was acquired for US$27 million and pocasset bay manor at Rhode Island was acquired for US$20 million. In August 2006, Lake Worth Gardens in florida was acquired for US$19.4 million.
Despite the challenging economy in the past year, an average occupancy of 92% was still achieved for all three assets. Active management, involving revised marketing programs and targeted pricing have produced this good result.
==> picture [554 x 225] intentionally omitted <==
----- Start of picture text -----
THE PARK
AT TROWBRIDGE
MICHIGAN
RHODE
ISLAND POCASSET BAY MANOR
UNITED STATES
FLORIDA
LAKE WORTH GARDENS
----- End of picture text -----
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
ASPEn WiLLOWWOOD, FT. LAuDERDALE, FLORiDA
24 25
uS + nz STuDEnTS
==> picture [222 x 106] intentionally omitted <==
==> picture [327 x 106] intentionally omitted <==
==> picture [554 x 10] intentionally omitted <==
----- Start of picture text -----
CLUbhOUSE ApARTmENTS, STORRS mANfIELD, CONNECTICUT mCkENZIE ApARTmENTS, WELLINgTON
----- End of picture text -----
the student portfolio comprises 18 properties located in Connecticut, two in florida and three in Wellington, New Zealand.
the US assets are in close proximity to major universities (University of Connecticut, University of South florida and florida State University).
the New Zealand properties are located in the Central business District of Wellington, providing accommodation for students of the victoria University of Wellington.
| pORTfOLIO | US STUDENTS | NZ STUDENTS |
|---|---|---|
| book vALUe AS At 30 JUNe 2009(A$m) | 98.0 | 27.31 |
| oWNeRShIp INteReSt % | 100% | 90% |
| NUmbeR of pRopeRtIeS | 20 | 3 |
| NUmbeR of UNItS | 1,283 | 359 |
| % of totAL fUND(ASSetS) | 10.0% | 2.8% |
1) ILf’s ownership interest
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
mCkEnziE APARTmEnTS, WELLingTOn, nz
26 27
uS + nz STuDEnTS
uS STuDEnTS
==> picture [143 x 142] intentionally omitted <==
==> picture [327 x 151] intentionally omitted <==
==> picture [554 x 9] intentionally omitted <==
----- Start of picture text -----
gR8 SpACE – bRANDINg ThE CONNECTICUT STUDENT ASSETS mApLEWOOD ApARTmENTS, STORRS mANSfIELD
----- End of picture text -----
In early 2006, ILf acquired 18 student accommodation assets in Connecticut and two collegiate style student apartment complexes in florida. these two florida properties comprise of the preserve in tallahassee and Campus Club Apartments in tampa, and are currently targeted for sale.
the portfolio has demonstrated an average occupancy of 87% in the 12 months to June 2009. pre-leasing for 2010 has been affected as the fundamentals across the US Students accommodation sector have come under pressure from declining university enrolments, a direct result of the financial crisis and increased competition in the respective markets.
In the past year, the Connecticut portfolio has been rebranded to ‘Gr8 space’ to enhance its appeal to the student community. further, a new portfolio manager with a greater customer service and marketing focus was appointed. Necessary capital improvements to these properties were also implemented to enable the properties to remain competitive in their market.
==> picture [313 x 151] intentionally omitted <==
----- Start of picture text -----
CONNECTICUT
UNITED STATES
FLORIDA
THE PRESERVE
CAMPUS CLUB
----- End of picture text -----
34 FAIRVIEW STREET 45 OAKWOOD AVENUE ASHFORD HILLS APARTMENTS CEDAR CREEK APARTMENTS CLUBHOUSE APARTMENTS HUNTING LODGE APARTMENTS KELLY GARDENS APARTMENTS KNOLLWOOD APARTMENTS MAPLEWOOD APARTMENTS MILLBROOK APARTMENTS OAKRIDGE APARTMENTS OAKWOOD APARTMENTS ORCHARD ACRE APARTMENTS PERRY HILL ESTATES RENWOOD APARTMENTS RIDGEVIEW HEIGHTS SPRINGWOOD APARTMENTS WILLINGTON OAKS APARTMENTS
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
nz WELLingTOn
==> picture [222 x 151] intentionally omitted <==
==> picture [256 x 151] intentionally omitted <==
==> picture [483 x 10] intentionally omitted <==
----- Start of picture text -----
U-STAy ASSETS – bRANDINg ThE WELLINgTON NZ STUDENT ASSETS
----- End of picture text -----
the New Zealand student housing portfolio comprises three properties located in the Central business District of Wellington. these properties provide accommodation for students of the victoria University of Wellington and have ground floor retail tenancies. the three properties accommodate 550 students and are operated by Campus Living villages, specialist student accommodation managers. the fund acquired a 90% interest in these assets alongside ING Real estate Investment management Australia who is a 10% investor.
In the past year, four floors of Cumberland house were renovated to hotel standard and the portfolio has been rebranded to ‘ustay’ to attract further interest over the summer holiday period with backpackers, language schools and tour and sporting groups. this successful proof of concept was a worthwhile investment for the fund with occupancy in the first summer of trading above expected. the portfolio also maintains a solid occupancy of 99% for the 2009 academic year.
==> picture [483 x 225] intentionally omitted <==
----- Start of picture text -----
CUMBERLAND HOUSE
EDUCATION HOUSE
MCKENZIE APARTMENTS
----- End of picture text -----
ING ReAL eStAte CommUNIty LIvING GRoUp pRopeRty book
28 29
REgiSTERED OFFiCE
ing REAL ESTATE invESTmEnT mAnAgEmEnT AuSTRALiA
Level 6, 345 george Street Sydney nSW 2000 T : + 61 2 9033 1035 F : + 61 2 9033 1060 E : [email protected] i : www.ingrealestate.com.au
uniT REgiSTRY
Link mARkET SERviCES Level 12, 680 george Street Sydney nSW 2000
invESTOR SERviCES
Toll Free: 1300 653 497 T : + 61 2 8280 7057 F : + 61 2 9287 0303 E : [email protected]
invESTOR EnquiRiES
iAn muiR CHiEF invESTmEnT OFFiCER ing REAL ESTATE COmmuniTY Living gROuP
T : + 61 2 9033 1019
RESPOnSiBLE EnTiTY
ing mAnAgEmEnT LimiTED ABn 15 006 065 032 AFS LiCEnSE 237534
the ING Real estate Community Living Group is listed on the Australian Securities exchange (ASX). the ASX Code is ILf.
ing REAL ESTATE gLOBAL nETWORk
AuSTRALiA HungARY SWEDEn BELgium iTALY TAiWAn BRAziL jAPAn THAiLAnD CAnADA kOREA THE nETHERLAnDS CHinA POLAnD uk CzECH REPuBLiC ROmAniA uSA FRAnCE SingAPORE gERmAnY SPAin
REAL ESTATE invESTmEnT mAnAgEmEnT
www.ingrealestate.com.au