Settlers Portfolio

The Settlers portfolio consists of four established resort style DMF (Deferred Management Fee) retirement villages located across Perth and Brisbane. As at 30 June 2011, there are 677 units across the four villages and a pipeline of 60 units. This portfolio represents 18% of the Fund.

As at October 2010, the Fund successfully launched the DMF Conversion project which saw the conversion of three rental villages in Queensland into the DMF model. The three villages, rebranded as Settlers villages, are located in Forest Lake (Brisbane), Gladstone and Rockhampton. They were selected for their ideal geographical locations, unit configurations compatible for the DMF model and their favourable market conditions and demand dynamics.

As at 30 June 2011, there are 216 units across the three conversion villages and a pipeline of 86 units. To date, sales have been relatively strong across the villages. Management is assessing the conversion of an additional village with expectation of launch in early 2012. This portfolio represents 8% of the Fund.

To see more detailed information about specific properties in the Settlers Portfolio, see www.settlerslifestyle.com.au