The sale is tied to the bank's desire to reduce its footprint in Australia, however the debt on FKP, which owns properties estimated to be worth $533m, is understood to be classified as a good loan. In assorted tranches, BoS, a subsidiary of the partly nationalised British bank Lloyds, has sold $3.5 billion of debt in its Australian loan book and is in the process of selling a $750m portfolio of loans. The sale of their interests in FKP comes after that group's embarrassing clarification of its intentions following a leaked video on YouTube in which recently appointed chief executive Geoff Grady said the company would not go ahead with plans to demerge its $1bn-plus retirement business.
Opinion
These new retirement villages show providing care is here and now
Gone are the days when retirement living was defined by community centres, swimming pools and bowling greens. While these amenities still exist – the provision of care is now a core part of the value proposition. Hyegrove Willoughby on Sydney’s...
