SCV [operator of Village Life and SunnyCove villages] has entered into a binding agreement to purchase 100% of shares of Prime Trusts Eureka Care Communities with 12 rental villages (5 in SA, 6 in QLD, 1 in NSW] for $400,000. The deal is to be completed next Monday 7th. Eurekas MD, Mike Bosel, will head up the new group that will comprise 48 rental villages and 18 traditional villages. Bosel and his team have delivered an operating profit for his 12 Eureka villages for the 2010 year to March 31 of $700,000 (subject to due diligence verification). SCV has also turned the corner and indicated a net profit after tax of $190,000 to March 31. This compares to a loss of $4.9 million for the same period last year. Smart money is involved in this evolution. Watch this space.
Community Living
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...
