Old Mutual Alternative Investments builds stake in retirement villages with Faircape deal
The acquisition, for an undisclosed sum, is through specialist retirement accommodation fund OMRAF
Old Mutual Alternative Investments’s (OMAI’s) retirement accommodation fund has bought a 50% stake in Faircape Life Right Holdings, a retirement home owner. OMAI says it is Africa’s largest private alternative investment manager. The acquisition was for an undisclosed sum via its specialist retirement accommodation fund, Old Mutual Retirement Accommodation Fund (OMRAF). The deal is still subject to approval by the Competition Commission. The Faircape Group has operated since 1984, creating residential estates and commercial offices across South Africa. Its specialist focus in the retirement sector has culminated in Faircape owning and managing one of the larger retirement portfolios in the Western Cape, along with healthcare facilities. Its subsidiary, Faircape Life Right Holdings, in which OMRAF has acquired a 50% stake, owns and operates six luxury lifestyle villages comprising a total portfolio of 976 units at prime locations across the province. The villages offer a selection of...
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