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Scott Marinchek has expressed a desire to shake up the aged care and retirement living sectors, describing current retirement village and nursing home models as outdated and obsolete.
The founder of Mariner Third-Age Retirement Living is leaving the financial institution to launch a series of investment funds that will deliver new models of seniors housing and care.
Mr Marinchek has acquired the intellectual property and development pipeline of Mariner’s retirement portfolio and now plans to develop greater choice for older consumers through his business, ethicalCapital.
“A different way of thinking is required to provide sustainable global living solutions for our ageing population,” Mr Marinchek said.
“Required flows of financial and human capital must be carefully managed to ensure alignment of interests between residents, operators and investors.”
Mr Marinchek predicts that $40 billion in developments will be required to meet the needs of older consumers over the next two decades.
“Another $20 billion in new development [is] required to replace already obsolete, outdated and inappropriate types of senior housing and accommodation such as bedsits, retirement villages and institutional nursing home facilities,” Mr Marinchek said.
He said new types of communities that provide choice in a manner that respects individual dignity will present a significant opportunity for institutional investors and superannuation funds.
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