Moran Aged Care Group selling 3,000 beds
Posted
by DPS
The Moran Group is selling the operating leases of 3,068 beds in 39 nursing homes in NSW, VIC, WA and QLD to AMP Capital Investors.
Principal Aged Care, a group of funds 95% managed by AMP capital already owns the buildings and will now take on a hands-on operating role. The leases will transfer over a two year period, allowing for a smooth transition for residents, families and staff.
The Moran Group intends to spend the $87.2 million it receives to further develop the retirement services area via operating leases and possible greenfield developments. It will also write off $42.1 million debt which transfers to Principal Aged Care.
The Moran Group currently holds licences for 4,000 beds around Australia.
