Major retirement acquisition

An Australia-wide retirement living operator has increased its footptrint with the purchase of a group that manages villages.

Retirement living asset manager SCV Group has expanded its national network with the acquisition of a major Australian village manager.

SCV has contracted $2 million in cash script for Village Care – a private company that owns the management rights for 18 villages in South Australia, Victoria, NSW and Queensland.

Most of them are operated predominantly under the deferred management fee model.

Village Care currently provides a range of services, including operational management, marketing and sales direction and advisory work.

SCV Group CEO, Andrea Slingsby said the acquisition would provide the company with additional oresources to develop its existing rental model.

“The acquisition will also ensure we have immediate capabilities in the largest segment of the retirement village market in Australia and a highly recognisable and respected brand,” she said.

“We expect the transfer of the Village Care management team will provide immediate benefits to SCV Group as we concentrate on improving occupancy at our existing rental village portfolio.”

Village Care Managing Director, Loretta Byers – who has more than 30 years’ experience in the aged care and retirement sectors – will remain in her position.

It is also expected that the entire Village Care management team will remain with the business.

“This is an exciting opportunity for Village Care and will provide our staff with the chance to advance their careers within a growing national operation,” Mrs Byers said.

SCV Group manages 87 seniors communities around Australia under three different brands: SunnyCove, SunnyCove Plus and Village Life.

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