Primelife now a bank? And they have bought Fini in WA.

It’s not 100% official just yet but it appears Primelife has finally been ‘taken over’ by investment bank Babcock & Brown. The $200 million deal will result in 36 villages and 17 aged care facilities now being owned by a new entity called Babcock & Brown Communities Group (BBC). At the same time they have bought an extra seven villages in the Fini Group from Tony Fini in Perth for $180 million; not bad for a businbess started six years ago in 2001. This gives BBC 6,200 ILU’s and 940 aged care beds. They state this is 6% of the retirement living market.

BBC intends to build 300 new ILU’s a year for the next three years on land they already hold. They are also raising $350 million to fund future acquisitions. The Primelife management has simply moved across to BBC.