First State Super has made its first investment in the retirement village sector, taking a majority share of the Queensland-based Oak Tree Retirement Villages, which has 28 villages across the East Coast of Australia.

Founded in 2004 by Mark Bindon, Franco De Pasquale and Marco De Pasquale, Oak Tree has been one of the quiet achievers of the industry, expanding over the last 13 years.

In 2013, they sold 40 per cent of the company to a Brisbane-based private equity firm to fund their further expansion.

It paid off – at the time, they had a total of six retirement villages and nine more in development. One year later, they had 19 villages.

First State Super CEO Michael Dwyer AM says they see a strong future in Australia’s increasing number of retirees.

“The strong potential for growth, along with the impeccable reputation of the Oak Tree Group, posed an attractive opportunity for First State Super,” he said.

Oak Tree Group’s Managing Director Mark Bindon has also welcomed their new partners, saying the investment will enable them to ensure their residents are happy and engaged in their communities.

“The investment acknowledges our success as a leading regional and metropolitan provider,” he said.