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The industry funds movement has devised a new funding model aimed at providing financing for capital investment by the not-for-profit sector.
The model being trialled via an agreement between Industry Funds Management (IFM) and in Victoria, will see IFM investing $6.8 million in a new aged care facility in Colac, which will then be leased back to Mercy to operate before reverting to charitable ownership after 27 years.
The Mercy deal will form part of IFM’s Social Infrastructure Fund.
Commenting on the deal, the chair of IFM, , said the key challenge had been the development of a formula that would serve the interests of the not-for-profit and aged care sector and meet the objectives of superannuation funds.
“The long-term agreement is a sound and responsible investment that will deliver strong and secure returns for our members’ future,” he said.
IFM has signalled that it believes a strong pipeline of deals will follow the implementation of the Mercy formula.
AUTHOR
Mike Taylor
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