Last modified on March 4th, 2024

Further acquisitions for Prime Value and
Centennial Living

29 02 2024

RCA Villages, Centennial Living and Prime Value Asset Management Limited are pleased to announce they have
finalised agreements for the sale of 4 of RCA’s retirement villages for $105.3 million. The 4 villages include a total of
909 independent living units and related clubhouse facilities, and are:

– Beleura Village, Mornington
– Cardinia Waters Village, Pakenham;
– Main Street Village Pakenham; and
– Wyndham Grange Village, Tarneit.

The 4 villages will be operated by Centennial Living. This acquisition is the second significant investment for Prime
Value in the sector, following their acquisition of 4 villages from Stockland in December 2020, a portfolio also
operated by Centennial Living. Prime Value is a multi-award winning, Australian investment manager with over $3B
invested across a range of asset classes.

Derek McMillan, Managing Director of Centennial Living said “we were attracted by the strong occupancy and high
quality of the villages, with future demand underpinned by the desirable village locations and favourable long-term
demographic trends.”

Features of the portfolio include the clever villa designs, capturing sunlight irrespective of the orientation of the unit
and the high proportion of 2 car parking, ensuring the appeal of the villages for the emerging boomer generation.
Andrew Philip, Managing Director of RCA Villages said “we are delighted to have finalised this agreement because
we rate Centennial Living very highly as one of the best village operators in the industry. They have a deep
knowledge and understanding of RCA’s village operating model and the extensive benefits that the model provides
for our residents. RCA is primarily a developer and operator of new retirement villages, and the sale enables us to
free up invested capital.”

RCA Villages continues to own and operate its portfolio of a further 5 villages mostly on the Mornington and
Bellarine Peninsulas.

The villages transfer ownership on 29 February 2024.