The acquisition is part of Opal Aged Care’s continued plans for growth and follows the acquisition of Stockland’s aged care portfolio earlier in the year.
At completion of the deal, Opal Aged Care will operate 69 residential aged care homes across four states in Australia and have 23 brownfield and greenfield sites under development.
The newly purchased portfolio, predominately located in Northern and Western Sydney, further builds on Opal Aged Care's already strong presence in Sydney and strategy to meet the growing demand for the delivery of high quality residential aged care.
Opal Aged Care managing director, Gary Barnier, says the recent acquisition, along with the appointment of aged care sector expert Professor Peter Shergold AC as the chairman of the provider's Board, has given it further opportunity to strengthen its position as a leading specialist residential aged care provider.
“In addition to the recent acquisitions and major refurbishment of existing homes, Opal Aged Care continues to invest in local communities through the construction of new homes in areas where the demand for specialist residential aged care is high," Mr Barnier says.
This includes the development of a 144 bed home in Rutherford, in the Hunter region of New South Wales, and the development of a 133 bed home as part of the redevelopment of the Cardinal Freeman Village in Ashfield, Sydney.
Opal also plans to build homes in the Sydney suburbs of Toongabbie, Wentworthville, Cabramatta, Blacktown and Penrith after being awarded 966 places by the federal government in the latest Aged Care Approvals Round.
Aquarius Aged Care chief executive, Dr James Grealy, claims Opal Aged Care has the size, experience and capacity to lead the organisation into a new era.
“This is a very positive development for all residents, families and staff,” Dr Grealy says.
The acquisition will settle in early 2015, with Opal Aged Care and Aquarius Aged Care working closely to ensure a seamless transition for both Residents and staff. All existing resident and employee agreements will be transferred to Opal Aged Care without change.
The following homes will be acquired through the deal:
- Anita Villa, Katoomba NSW
- Austral House, North Manly NSW
- Belvedere, Wahroonga NSW
- Glen Lynn, Auburn NSW
- Leamington, Southport QLD
- Netherby, Wahroonga NSW
- Ocean View, Mona Vale NSW
- Palm Grove, Narraweena NSW
- Wallgrove, Lakemba NSW