Property fund manager Baron Vanilla has acquired the 4,000 square metre property of a 91-bed aged care home in West Leederville, Perth.
The property, located at 78 Kimberley Street, is the site of Emerald Life aged care, which specialises in dementia care.
Baron Vanilla acquired the site for $12 million, and will hold the property in its BV Aged Care Property Trust No 2. It expects to achieve a five-year average cash return on equity of 7.7%.
Emerald Life will continue to operate the facility.
“The [BV ACPT2] trust is intended to be a multi-asset trust targeting the acquisition of residential aged care facilities nationwide and will remain open to investment during the term of the trust for future aged care facility acquisitions that meet Baron Vanilla’s strict investment criteria,” a spokesperson for the Baron Vanilla trust said.
Eighteen months ago, Baron Vanilla paid $10 million to acquire the Montana aged care facility in Sydney’s exclusive suburb of Mosman. Montana is still operated by West Australian aged care operator, Hall & Prior.
Baron Vanilla manages real estate worth $185 million.
