In this story:
- Japara expanding to high demand locations in NSW
- Eureka acquires five villages in Tasmania
Japara expanding to high-demand locations in NSW
Publicly-listed aged care provider Japara Healthcare has been given the green light to take over Riviera Health’s aged care facilities in New South Wales for $39 million.
The deal consists of 265 operational beds and a total of 507 bed licences across facilities in Brighton-Le-Sands, Chatswood, Doonside and Wyong.
Japara said its immediate focus was to complete the 73-bed Brighton-Le-Sands facility, which is due to open in August, then develop a 120-bed facility to replace the current Wyong home.
CEO and managing director Andrew Sudholz said the purchase provided Japara with an expanded footprint in high-demand locations in New South Wales and an opportunity to further develop these areas.
Japara has four other care homes in New South Wales and upon completion of the acquisition, will have 48 aged care facilities across Australia.
Eureka acquires five villages in Tasmania
Queensland-based Eureka Group Holdings Limited has bought five villages in Tasmania from Ingenia Communities Group for $18 million, boosting its independent rental retirement village portfolio to 32 properties.
The 254-unit acquisition includes Claremont Gardens and Glenorchy Gardens in Hobart, Launceston Gardens and Elphinwood Gardens in Launceston and Devonport Gardens in Devonport.
The acquisition includes an agreement to manage the five villages.
CEO Jeff Weigh said the purchase would not impact on existing residents or staff as the two groups have the same rental operating model, which is overseen by state residential tenancy authorities rather than the Retirement Villages Act.
“This is our first foray into Tasmania and the purchase strengthens our position in the southern states and leverages our operating base in the region,” Mr Weigh said.
EGH has 11 villages in South Australia and Victoria and 16 Queensland and New South Wales. The group has a further nine villages under management.
Have we missed an acquisition? Send us the details and an image to email@example.com