Property fund manager Baron Vanilla Management has acquired the Braemar Aged Care portfolio, consisting of three residential aged care facilities in prized Perth suburbs south of the Swan River, for $25 million.
This is Baron Vanilla’s seventh property syndicate since 2021.
The total land holding of the acquisition is 15,529 sqm. The properties have 20-year leases to family-owned provider, Hall & Prior.
Baron Vanilla Management established the BV Aged Care Property Trust No 3 to hold the assets. Investors are forecast to receive a 5-year average cash return on equity of 8.5% per annum, paid monthly.
In February, Property Baron Vanilla acquired the 4,000 sqm property of a 91-bed aged care home Emerald Life in West Leederville, Perth, for $12 million. Eighteen months prior to that, Baron Vanilla paid $10 million to acquire the Montana aged care facility in the Sydney suburb of Mosman. Hall & Prior operates both homes.
The offer to invest is now closed.
The SOURCE: Opco/propco deals such as this are becoming an increasingly popular option for aged care providers looking to free up capital.
