HESTA has invested $19 million through our Social Impact Investment Trust to finance Korongee, a cutting edge Australia-first village designed to maintain a sense of self, home and community for people living with dementia.
Development of the village is a partnership between HESTA, not-for profit aged care provider, Glenview, the Commonwealth Government and Social Ventures Australia.
Based on the Netherlands’ successful De Hogeweyk village model, the village in Glenorchy, Tasmania will set 12 eight-bedroom homes that will support 96 residents within a small town complete with streets, a supermarket, café, beauty salon and gardens.
INVESTING WITH PURPOSE
HESTA CEO Debby Blakey said the investment will have positive effects for many people. “It’s a great opportunity for us as Australians to take long-term stable capital that we have as super fund investors and partner with government and partner with organisations like Glenview and actually really make a difference with those investments.”
“At HESTA we see our purpose very much about improving and making a real difference to the financial futures of our members but part of that is also making a difference to the world that they will retire into and that’s a key part of an investment like this.”
“Over 200,000 of our members work in aged care so it’s a sector we really care about and it’s a sector we really want to support” said Debby.
Glenview CEO Lucy O’Flaherty said Korongee is a game-changer for how care is provided for people living with dementia. “Residents will live with others whose values they share. All the homes are being built with dementia design principles throughout, so a sense of everyday normality is much easier to maintain,” Lucy said. “This is an opportunity with a brand new site to create something special.
“HESTA has been incredibly courageous in putting so much social impact investment into a project like this and Glenview wouldn’t necessarily be able to do something like this without their courageousness,” said Lucy.
A GROWING PUBLIC HEALTH CHALLENGE
As the second leading cause of death in Australia today, dementia is a growing public health challenge. There are more than 430,000 Australians currently living with dementia. Without a medical breakthrough this number is expected to increase to more than one million by 2058.
Dementia is the second leading cause of death for Australians and is the single greatest cause of disability for Australians aged 65 years and older.
Korongee’s first residents will be able to move in by late 2019.