18 Jul Lighthouse Infrastructure announces first close of ADAPT2 with $300 million in commitments
Lighthouse Infrastructure (“Lighthouse”) is pleased to announce the first close of its second Specialist Disability Accommodation (“SDA”) investment fund, Australian Disability Accommodation Projects Trust 2 (“ADAPT2”), with A$300 million in equity commitments.
ADAPT2 was 100% supported by Australian institutional investors in the superannuation and insurance sectors.
ADAPT2 will invest with SDA Providers in homes for eligible NDIS participants. This equity commitment when levered will provide ADAPT2 with circa $500 million in capacity to invest in accommodation for more than 1,000 NDIS participants. ADAPT2 will look to fund the construction of new homes and consider the acquisition and refurbishment of existing homes.
Lighthouse is a leading institutional investor in the SDA sector. It established its first SDA investment fund, Australian Disability Accommodation Projects Trust (ADAPT) in 2018. ADAPT has approximately $250 million in assets which has been invested in 136 homes across 73 locations throughout Australia, providing homes for 400 NDIS participants. ADAPT has supported leading SDA providers in Summer Housing, Compass Housing and BlueCHP Limited. ADAPT is 100% owned by the Lighthouse Infrastructure Fund Trust.
“Lighthouse is grateful for the continued support of institutional investors in this investment strategy. This support will enable Lighthouse to grow and expand its investments and relationships in the SDA sector. Working together with leading SDA providers, ADAPT2 will have a considerable impact in supporting the NDIS’s vision for providing quality homes ensuring choice and control for Australians living with disability,” said Peter Johnston, Managing Director.
Johnson Winter Slattery acted as legal adviser to Lighthouse.