QLDs RSL Care has joined with the stock exchange listed Generation Healthcare, a specialist property investment fund, to fund the growth of aged care facilities it operates.
Last week RSL sold three of its care facilities with 311 beds for $45.8M to Generation Healthcare with the contract to lease them back for 20 years with the option of two further 10 year periods. They are at Banora Point, Hervey Bay and Alexandra Headlands. The lease delivers Generation Healthcare a 7.65% return.
The co-located retirement villages will remain as RSL owned properties.
Generation Healthcare specialises in health related properties; with this deal it will have 16 hospitals, medical centres, laboratories and aged care facilities with $387 million.
RSL Care as 3600 staff, revenue of $250 million and an asset base of just under $1 billion.