Major banks back For Purpose Aged Care
NAB, CBA and Bank Australia support the not-for-profit aged care platform with a $260 million joint debt facility.
Pioneering Australian impact investment manager For Purpose Investment Partners has secured the support of NAB, CBA and Bank Australia with a joint $260 million debt facility to support its not-for-profit aged care platform For Purpose Aged Care Australia.
The facility will support FPACA’s strategic acquisition of Signature Care – a provider of residential aged care services that has eight operational facilities and a pipeline of six development sites. FPACA brings Signature Care, together with Luson Aged Care, to become a top 15 Australian aged care provider that will provide over 2,500 residential aged care beds.
“We are delighted to partner with NAB, CBA and Bank Australia to support the expansion of our aged care platform. This further expands our existing relationships with NAB and CBA and we are excited about our first partnership with Bank Australia,” For Purpose executive director Michael Traill said.
“With this debt facility, the banks are demonstrating their leadership in financing social impact in Australia while supporting better outcomes for thousands of Australians in aged care.”
The support of the three banks follows Qantas Super’s landmark $75 million commitment in April, along with $10 million from Australian Ethical Investment. The latest transaction includes $35 million of social loan notes provided by Qantas Super and Australian Ethical Investment.
Mr Traill said the inclusion of the $35 million in social loan notes is “a further endorsement of the strength of the FPACA platform to deliver institutional-grade long-term financial returns and social impact.”
FPACA Chair Toby Hall added, “We have an ambition of transforming the aged care sector to have a broader social impact that starts with person-centred care and a valued workforce. The support of the banks, preceded by that of institutional investment, demonstrates the value of aged care and the role it plays for Australians and their families.”
NAB head of Corporate Health John McCarthy said: “NAB is delighted to be partnering with FPACA as they continue to support the aged care sector and bring critical social infrastructure to regional locations. As a banker to the seniors living sector for over 10 years, I know how important the investment in quality aged care is to communities. I’m proud that the NAB Corporate Health team has played a role in enabling such an investment and look forward to seeing it come to life.”
Bank Australia head of impact lending Tim Von Ess said: ‘‘Through Bank Australia’s impact lending we aim to meet our customers’ expectations that their money is used to generate positive social and environmental impact.”
He added: “We’re pleased to be involved in FPACA’s acquisition of Signature Care and helping to increase in the supply of high-quality aged care accommodation and care for older Australians.’’
This story originally appeared on OnImpact
Comment on the story below. Follow Australian Ageing Agenda on LinkedIn, X (Twitter) and Facebook, sign up to our twice-weekly newsletter and subscribe to our premium content or AAA magazine for the complete aged care picture.
