Australian Unity and GreenFort Capital have entered into an
agreement that will facilitate the development of a $40 million
portfolio of Specialist Disability Accommodation (SDA).
The agreement will see Australian Unity’s SDA Fund partner with
alternative real estate fund manager, GreenFort Capital to deliver an
initial portfolio of high-quality dwellings in South East Queensland
across three sites in Brisbane, one in Moreton Bay, and another in
As a result, Australian Unity’s SDA Fund will reach more than circa.
$80 million in assets and projects, following the initial $40 million
capital raise and a number of SDA Apartment acquisitions across
Victoria since launching in April 2020.
Ryan Banting, General Manager Social Infrastructure at Australian
Unity, said the pandemic had emphasised the importance of all
Australians having access to housing solutions that are responsive to
“The marker of successful specialist disability accommodation is
creating an interdependent mix of services and places for residents,”
Mr Banting said.
“Partnering with organisations, like GreenFort, who have a strong
capability and track record of developing property to deliver positive
community-focused outcomes further supports this objective.”
GreenFort, a specialist in accommodation investing, including across
retirement living, build to rent and student housing, is responsible
for site origination, design, and development of the assets.
Adam Vaggelas, Partner, GreenFort Capital, said the severe
undersupply of rental accommodation which satisfies the needs of
people with disability led to its focus on the evolving sector.
“There is a critical need for specialist accommodation which
supports and empowers people with functional impairments.
Our investment philosophy is centred on the creation of welllocated, high quality buildings specifically tailored to the needs of
Australians living with disability.”
The partnership comes at a time of rapid growth in the SDA sector,
which is estimated to reach $700 million1 in annual funding once the
Federal Government’s National Disability Insurance Scheme is fully
This growth is generating an increase in investor interest and
demand with market participants forecasting a $5 billion2 asset class
in coming years. Australian Unity will shortly commence its second
SDA equity raise for $35 million and this week announced the
appointment of three executives to augment its social infrastructure
activities. Jacob Edwards joins as Fund Manager for the Australian
Unity Specialist Disability Accommodation Fund from Bank
Australia’s impact finance team, senior analyst Dean Zaccardo joins
from Deloitte, and portfolio analyst Matt Hibbert moves from EY’s
infrastructure advisory team.