Love Ageing

Rental village operator Eureka boosts its portfolio to 41 villages in FY18

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The operator has acquired eight villages in the past year, growing to 32 owned villages and nine managed villages for a total of 2,182 units, according to its latest investor presentation.

As we reported here, five of the villages were purchased from Ingenia for $18 million through a 50/50 joint venture with an unnamed group of private investors already invested in rental villages.

The expansion is good news for Eureka, which also saw its EBITDA climb 17% to $6.94 million and occupancy levels lift 10% from 18 months ago to 93%.

Its partnership with Not For Profit aged care provider Blue Care to provide home care services to its Queensland residents is still going strong too, with extended residents stays and Blue Care referrals also increasing occupancy levels.

Eureka says it will now look to continue to grow its portfolio by acquiring more villages using the proceeds from non-core asset sales under a new CEO to be announced this month.

The operator has been without a head since its first CEO Jeff Weigh stepped down on 31 May 2018.

Watch this space then.

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