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.
Opinion
The law is an ass – and it has cost Lifestyle Communities $1.5 billion and counting
The tribunal in Victoria has ruled the contract requirement of departing residents from land lease operator Lifestyle Communities is void based on a legal/legislative wording, despite residents being well informed when they signed that contract...
