Demonstrating his Midas touch yet again, Ted Sent has reached agreement to sell his 2004 creation, PeopleFirst, for $250 million over five years. The purchaser is Melbourne-based Viculus Limited, a non-trading public company that intends to use PeopleFirst to leverage itself into a major village sector player.
Many would know Ted Sent as the innovative industry pioneer who developed Primelife over 20 years into 36 villages and 17 aged care facilities, selling out in 2003 to what is now Babcock & Brown Communities. PeopleFirst has two completed village and care facilities in Moe in regional Victoria plus extra land packages ready for development. But the real cornerstone is a 240-acre development in Beachmere on the southern edge of the Sunshine Coast which, over 10 years, will build to 1,300 dwellings currently it has just 50 plus an award-winning communities centre.
The transaction is due for completion next month (after a capital raising by Viculus). Sent will cease as a Director and have a transition consulting role while Viculus introduces its own CEO. Ted Sent will be 68 next week not a bad effort or birthday present for four years work.