Despite questionable economic viability, the aged care sector remains very active
Over the past week or two a significant number of aged care investments have taken place, both large and small. Here is a snapshot: Arcare has purchased two Gold Coast facilities with 112 beds from IBIS Group, St James Park in Helensvale and the...
Over the past week or two a significant number of aged care investments have taken place, both large and small. Here is a snapshot:
Arcare has purchased two Gold Coast facilities with 112 beds from IBIS Group, St James Park in Helensvale and the Ritz in Hope Island. Arcare are also building new facilities in Peregian Springs, Hope Island and Maroochydore. (Interestingly Arcare is owned by Victorias Knowles Family who sold the 20 ARC villages to Stockland for $329M in February 2008, a month before the GFC kicked in)
Private equity firm Archer Capital purchased Lend Leases aged care business (2,300 beds) for $270M. Importantly six banks backed Archer, providing $220M in leveraged debt. Those banks are ANZ, Barclays, Babson Capital, National Australia Bank and Westpac.
With 22 aged care facilities, Aged Care Services Australia has commenced a new 90 bed $15M facility in Albury, to replace a 40 bed facility on a nearby site
$13.5M will be invested by Benetas in Corowa Court, on the Esplanade in Mornington (VIC) to double its 60 beds to 120 beds
NFP operator, Whiddon Group, has purchased from the Domain Principal Group the Jessie Hunt Nursing Home in North Western NSW town of Narrabri
Blue Cross, a private Victorian operator with 1,300 beds across 22 facilities, has acquired the 134 bed Scotchmans Creek Aged Care facility in SE Melbourne from Ageing Together, a one facility private operator
Wesley Mission (NSW) opened its $30M Carlingford extension, with 74 boutique single rooms in a hotel/resort type facility.
Warrnambool village wins refund for waste collection
In a rare win with a council, 23 residents of the 150 ILU Anchor Point Village in Warnambool succeeded in partitioning their council to get a refund of levies for waste collection for the past two years. The council had stated it will not collect from the village as it has private roads and they were concerned about road damage, but still charged for the service.
