Australian Unity buys Greengate

Australian Unity has announced plans to purchase Greengate’s three co-located retirement living and residential aged care precincts and a development site for $65 million.

Under the deal Australian Unity will add Greengate’s St Brigid’s Green and St Patrick’s Green in Sydney, and St Luke’s Green in Brisbane to its portfolio.

After the deal is completed, Australian Unity will have 2,747 independent living units and 1,011 residential aged care beds.

The development site in Auchenflower in Brisbane has been approved for a vertical retirement living  and residential aged care precinct with 88 independent living units and 110 residential aged care beds.

Australian Unity executive general manager residential communities Beverly Smith said the acquisition is part of the organisation’s growth strategy.

“The proposed purchase reflects our confidence in aged care as a sector where we can add real value for our members, customers and the broader Australian community  and further underlines the important role mutual organisations can take in delivering high-quality, member-focused aged care and retirement living,” Ms Smith said.

“We look forward to meeting the Greengate customers and their families, as well as Greengate’s team members and welcoming them to Australian Unity,” she said.

Main image: Greengate’s St Luke’s Green aged care precinct in Brisbane.

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