Bristal Portfolio

As announced in July 2011, the Fund divested its 50% interest in 15 non-New York assets (Aspen portfolio, Cypress portfolio and Independent Assets) to existing joint venture partner, Chartwell Seniors Housing REIT. This portfolio refinement focused the Fund’s geographical concentration to one premium market in Long Island, New York where the Bristal portfolio is located.

The Bristal portfolio consist of six A-grade communities in a market with high barriers to entry and one of the highest proportions of seniors in the US. This portfolio has historically performed well with occupancies above 90%. As at 30 June 2011, there are 914 units across the six communities and this portfolio represents 29% of the Fund.

Five of the communities in the Bristal portfolio were jointly acquired with Chartwell in 2006, while ILF owns 100% of Lynbrook.