Masonic acquires $10m village as growth plan continues
The seniors living provider has purchased a 233-unit community in Adelaide’s south.
Just months after announcing plans to become one of Australia’s top 20 seniors living providers, Masonic Homes has purchased a major village in Adelaide’s south.
The well-known 233-unit Hillsview complex at Happy Valley fetched an undisclosed price close to $10 million.
The organisation’s CEO Doug Strain said the purchase further consolidated Masonic Homes’ leadership position in the retirement living sector in South Australia and the Northern Territory.
“The acquisition is also a ‘proof statement’ of the growth strategy announced earlier this year for Masonic Homes to be in the Top 20 retirement living providers in Australia, by 2015,” he said.
It is the latest in a string of acquisitions by Masonic which has seen its asset value in South Australia and the Northern Territory rise to almost $300 million.
With its existing communities at Somerton Park and Ridgehaven, Masonic now owns three of Adelaide’s largest retirement complexes.
It is also currently working on a $300 million development and construction program in Adelaide and Darwin.
The National Director of Healthcare and Retirement Living for Colliers International Roger Klem, who conducted the sale said it is one of the largest retirement village transactions in Australia.
“It demonstrates the underlying strength in this specialist end of the market where the demand curve for lifestyle and living choices is increasing despite financial and real estate trends in other age and housing demographics,” he said.
