The publicly listed aged care provider, which is the subject of a takeover offer by US private equity firm Bain Capital, plans to expand its aged care facility in Myrtle Bank, 5km south of the Adelaide CBD.
Previously owned by Premier Health Care and known as The Carlyle on Cross, the home is next door to the University of Adelaide and was refurbished in 2020.
Estia is planning to demolish three buildings to develop a two-storey building with 46 beds linking to the existing facility.
If approved, plans reveal the total number of beds would increase to 118. Suites for couples are included in the plans, as are interconnecting rooms. The fit out includes a day spa, beauty salon, theatre, and fitness centre.
Estia Health was formed in 2014 with the amalgamation of aged care providers Estia Health, Padman Health Care, and Cook Care. Kennedy Homes joined the fold two years later. Estia Health now has more than 70 homes across SA, Victoria, NSW and Queensland.
The SOURCE: Estia continues to invest in its aged care facilities, even as a takeover seems imminent.
Mergers & Acquisitions
RetireAustralia acquired by Invesco Real Estate for $845M
The global real estate investment management business, which has over US$80 billion in real estate assets under management, has forked out $845 million for the Brisbane-based retirement village operator.
