A $300 million investment will strengthen the foundations for luxury Melbourne-based retirement living provider Zig Inge Group as infrastructure investor Palisade Impact eyes off anticipated growth in the sector.
Palisade Impact, which falls under the Palisade umbrella, was established in 2021. It is committed to investing in next-generation infrastructure and infrastructure-like assets and businesses that provide essential services, supporting the future economy.
The Zig Inge Group was founded by its namesake Zig Inge AM in the 1970s. The retirement village pioneer and his family created 19 villages with over 3,000 homes at its peak.
The family ultimately sold the retirement village portfolio in 2007 to the investment fund Retirement Villages Group (RVG) with its newly acquired homes rebranded and managed by Aveo.
However, they were dissatisfied with the evolution of retirement living. The Weekly Source reported that Peter Inge OAM, Zig’s son, believed the focus on resident well-being was lost in the industry’s ‘corporatisation’.
Ongoing dissatisfaction saw the Inge family repurchase several villages they had once owned. This included the first village Zig built in 1980, Pinetree Donvale, alongside Prospect Hill Village and Richfield Village. Almost 450 residents live in 372 homes across the three villages.
According to their website, residents are made to feel as though they’re ‘part of the family’ while living in modern, luxurious surroundings with like-minded neighbours who will welcome them with open arms.
Now, there is a chance for further development and growth after the Zig Inge Group partnered with Palisade Impact. The investment business will inject $300 million into a newly launched purpose-led retirement living platform, IPLiving.
Peter Inge will chair the new organisation which has plans to acquire and develop new retirement communities.
“My father Zig would be proud that we’re growing our presence again in retirement living. As a family, we’re committed to creating communities where people can remain independent and supported, and therefore thrive, just as Zig envisioned. With our new partnership with Palisade Impact, we’re excited to carry on this legacy,” he told the Australian Financial Review.
Meanwhile, the key leaders from Palisade Impact are its Chief Executive Officer, Steve Gross and Chief Investment Officer Jeremy Wernert.
Their focus on ESG (environmental, social and governance) capabilities closely aligns with the Zig Inge Group’s. Both organisations are committed to providing more support for older Australians under the IPLiving banner.
“Older Australians are one of the fastest-growing demographics, and we need to do more to support their independence and well-being. IPLiving’s approach to retirement living aligns perfectly with our values, and we’re thrilled to be part of this important mission,” Mr Gross said.
