The Not For Profit appears set to dominate both the retirement living and aged care sectors in 2022 after acquiring private operator Allity’s aged care portfolio last month in a rumoured $700 million transaction.
Under the binding agreement announced on 17 December, Bolton Clarke will add Allity’s 43 aged care homes and over 3,800 beds to its portfolio of 37 aged care homes, 36 retirement villages and over 130,000 home care clients.
The acquisition – expected to take place next month – moves Bolton Clarke to the No. 2 largest aged care provider in Australia, equal with Estia Health, after private operator Opal HealthCare and its 80 aged care homes.
The deal also supports the growth of the operator’s new integrated model of care which sees retirement living, aged care and home care offered on the one site.
As we reported in SATURDAY last year, Bolton Clarke has a 10-year, 16-project capital works program – valued at $600 million – including six vertical retirement communities in NSW, Queensland and Victoria designed to offer a new integrated lifestyle and wellness solution.
Its planned 16-storey development of the site of the Coorparoo RSL, 4km from the Brisbane CBD, in December, with 100 two- and three-bedroom independent living apartments, 30 assisted living apartments, a 60-bed aged care home and an At Home Support hub, is a prime example.
The development pipeline forms part of a strategy by Bolton Clarke to double in size by 2025 – now just three years away.