The successful retirement arm of Becton has had to shelve further development plans given the financial strain its parent Becton Property Group is under. They have sold a long held development site in eastern Melbourne for $7.1M to retire debt to Bendigo & Adelaide bank. They also have a Suncorp facility that has to be refinanced by end July valued at $73M. About 50% of Becton Retirement is owned by the Oman governments Oman Investment Fund which invested originally because of the Becton village development pipeline. That no longer seems to exist.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
