Bupa acquires 10 aged care facilities from Graeme Croft’s Innovative Care – 1,114 beds for $225+ million

The Croft family received an early Christmas present, selling their 10 residential aged care facilities across NSW, VIC and QLD, through Colliers International. The average value per bed is believed to be $200,000. The deal has been some time in the wings - up to 18 months - with Colliers dedicating Phil Smith, Shane Nicholson and Lachlan Reid to the task. Graeme Croft founded the group that became Innovative Care. While Bupa self advised the acquisition Croft utilized Phil Smith and Shane Nicholson for his advice. All the facilities are modern, being built post 2005. The acquisition makes Bupa the largest private aged care provider topping out the Domain Principal Group. This gives Bupa 60 care facilities and 5,616 beds.