Japara sells third aged care home for $8.25M – Capel Sands on Mornington Peninsula

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ASX-listed Japara Healthcare, which is still mulling over Bolton Clarke’s $326 million bid to take over the Melbourne-based business, has sold another aged care home.

After selling the $750,000 per annum lease to the 71-bed Springvale facility, 22km south-east of Melbourne’s CBD, for $13.38 million in March last year and its 8,244sqm site with approval for a 122-bed aged care facility in Geelong, 72km south-west of Melbourne’s CBD, for $3.6 million in February last year, Japara Healthcare has now sold its lease to the 58-bed Capel Sands Aged Care in Capel Sound, 84km south of Melbourne’s CBD, for $8.25 million.

Japara Healthcare last month opened its new 102-bed aged care home, Corymbia, in Belrose, 19km north-east of Sydney’s CBD, and moved its residents from Yarra West into a new 120-bed aged care home, Trugo Place, in Newport, 10km south-west of Melbourne’s CBD.

Japara Healthcare’s CEO Chris Price said in February that decisions on future development starting dates had been deferred until the COVID-19 pandemic and economic outlook became more certain.

Japara Healthcare, which now has a market value of $338.07 million, offered Bolton Clarke due diligence access to develop a binding proposal to buy Japara Healthcare. It did likewise with an earlier and lower offer from the charity Little Company of Mary Health Care.