Property investment and development group MFS Limited has sold its interest in Domain Aged Care for $43.5 million.
As part of the deal, Domain will repay $50 million in loans to associated entities of MFS.
In the past year, MFS and Domain have consolidated interests and commenced construction on five aged care facilities along the east coast of Australia.
MFS Limited CEO, Craig White, said the sale of Domain was part of its normal course of business.
“We have worked very hard to build up the value of this asset and the company is very pleased with the outcome,” he said.
“We indicated to the market last August that we had a 24 month target on the disposal of the Domain interest.
“That target was brought forward to take advantage of very strong interest in the aged care sector at the moment.”
Chris Stride, CEO of MFS Care, thanked the board, management and staff of Domain Aged Care for their dedication, skill and efforts in providing quality care to their residents.