SCV Group buys up village life retirement homes
The Queensland-based SCV Group is to increase its operation from managing 16 retirement homes to 104 homes after it succeeded late in April in buying all the non-cash assets of rival operator Village Life.
The successful purchase from Village Life, according to The Australian newspaper, covers management rights to 46 retail and wholesale villages, and the management rights to 32 ING Community Living Fund villages in a $14 million deal.
In a separate move the SCV Group has also agreed to take over the management of 10 retirement homes owned by the MFS Diversified Group.
SCV managing director, Mark Roberts, said that the company – previously known as Sunny Cove Management – had been positioning itself for growth since it listed on the ASX in 2004.
The company completed a $12.7 million institutional capital raising in April and is planning to raise an extra $3 million through a share purchase plan offer.
