Topic - Aged Care

HealthCo’s one aged care home has 100% occupancy and worth $39 million

Aug 17 2022 Updated May 3, 2023

Section Editor

1 min read

HealthCo Healthcare & Wellness REIT, a real estate trust company, receives 7% of its income from its leases to Aurrum Aged Care and UnitingCare Queensland.

HealthCo paid $32.59 million to buy Aurrum Aged Care’s home in Erina on the NSW Central Coast in July last year. The 250-bed aged care home, which was built in 2003 and refurbished in 2015 with a new 71-bed $16.5 million building (Terrigal Drive) added in 2017, is leased back to Aurrum.

In its financial report for the FY22, HealthCo said the Erina home was now worth $39 million and was at 100% occupancy.

HealthCo, which has a mandate to invest in aged care, recorded a statutory profit of $49.6 million.

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