Mariner Financial aims for billion dollar aged-care projects target

With an estimated 27 Australians turning into retirees every hour – according to the company’s new spokesman – Mariner Financial is aiming at an end value of $1 billion in Australia and Europe through working on retirement and aged-care projects.

Scott Marinchek, a former Wall Street operative, is now heading Mariner Third-Age Retirement Living and said the group aimed to fund its plans through a combination of debt and equity from Mariner and its joint-venture partners, with additional funds from wholesale or retail investors.

Mr Marinchek said the retirement sector offered huge scope for a financial services company to offer a seamless service. He said assets held by retirees globally were estimated at around $47 trillion with retiree net income at $1.9 trillion.

Mariner would fund development projects, offer a range of funding options to the retired or retiring and package the accommodation and financing into investment unit trusts. Mr Marinchek said that “each point of entry will be small, but with our partners we will expand to develop all these areas. Within the next 12 months we anticipate being involved with $1 billion of retirement village and aged-care development with partners”.

The company was now negotiating with joint venture partners in Australia and Europe and hoped the first project would be finalised in the next six months. “Once we have implemented our ageing-in-place initiatives we will move to delivering care to those in retirement living and in their own homes,” Mr Marinchek said.