Not For Profit aged care provider St Vincent’s Care Services has bought the last three aged care homes from PresCare, which were available after the Presbyterian Church of Queensland went into receivership in May.
The Presbyterian Church of Queensland was unable to meet the terms of a contract with its partner, real estate investment trust Catalyst Health, which triggered the insolvency. Catalyst Health and PresCare had entered into several sale and lease back deals. The Supreme Court of Queensland appointed PwC’s restructuring experts, Michael Owen and Phil Carter, as receivers on 12 May.
Apollo Care was in the process of buying PresCare’s Alexandra Gardens site in Rockhampton and Yaralla Lodge and Groundwater Place in Maryborough, when the Presbyterian Church of Queensland called in the receivers. The sales were completed and the homes remain under the PresCare name.
St Vincent’s Care Services, which is part of St Vincent’s Health Australia, has purchased PresCare’s aged care newly built Vela (154 beds including a 30-bed special care unit) in Carina, Brisbane, PresCare Lake Sherrin (48-beds) at Thornlands, Brisbane, and the recently opened Protea facility in Douglas, Townsville.
The acquisition includes a total of 390 aged care beds – including 76 dementia beds – and around 300 employees.
St Vincent’s Health Australia operates aged care facilities in NSW, Queensland, and Victoria. CEO Lincoln Hopper said the acquisitions bring its total portfolio of residential aged care facilities to 23 in Australia.
PresCare had been in operation for 90 years.
