Sovereign wealth fund the Oman Investment Fund (OmIF) has taken a 9.9 per cent stake in property developer the Becton Property Group for $31.1 million.
The Becton Property Group is involved in developing retirement villages in Australia.
Under the deal, the two companies will hold a 50 per cent stake in the Retirement Alliance, a fund that will provide funding to Becton's four retirement villages and three of its retirement villages currently in development. .
The Australian retirement village sector and Becton's strategy was a good fit, according to OmIF chief executive Hassan Al Nabhani.
"We have chosen to partner with Becton for our first investment in the Australian market because of their ability to perform in a difficult climate," Al Nabhani said.
"Their retirement villages are among the best in the country. The Retirement alliance will build on this platform."
The funding from the OmIF will also be used to reduce Becton's debt.
"The initiatives [from OmIF] are significant for Becton. They facilitate both debt reduction and balance sheet stability to assist us in delivering our development pipeline in markets such as social housing and retirement," Becton chief executive Matthew Chun said.
