The Adelaide-based financial services and retirement living provider has transferred ownership of its Winzor, Vistas and St Morris villages north of the Adelaide CBD to Profit for Purpose provider ECH, and its McLaren Vale and Woodside villages to Not For Profit Kalyra Communities as it looks to expand its financial services business.
The move leaves KeyInvest with just two retirement villages – the Wimmera Lodge in Horsham, Victoria and the award-winning Chiton Retirement Village near Victor Harbor.
KeyInvest has provided financial services since 1878 and entered the retirement village industry over 30 years ago, increasing its investment in the last 10 years.
But as we reported here, they divested three Adelaide villages with 24 units to ECH in May 2018.
KeyInvest CEO Steve Aspinall (pictured) said the change of ownership will not have a material effect on the villages and the residents and will be advantageous to them in the longer term.
“As specialist and experienced operators, ECH and Kalyra are ideally positioned to offer a broad range of services and the continuum of care that residents will require as they get older,” he said.
Four staff at Woodside and McLaren Vale will transfer to Kalyra as part of the transition, while there are currently no onsite staff at the villages ECH has acquired.
The proceeds of the sale will go towards diversifying KeyInvest’s investment portfolio and range of financial service products.