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Aged care sites change hands
Four aged care facilities have been sold to a listed company.
Felicity Nelson
Firms: DibbsBarker (Owners of Profke Aged Care Group); K&L Gates (Japara Healthcare Limited)
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Deal: Sale of Profke Residential Aged Care portfolio to Japara Healthcare Limited
Value: $102.5 million
Area: Corporate & Commercial/Property
Key players: The DibbsBarker team was led by corporate and commercial partners Juanita Rayson (pictured) and Michael Goss, with Kamini Newton (senior associate), Brian Kirkup (associate) and Danielle Weir (lawyer).
The property team members assisting on the matter were Matthew Rollason (partner), Steven Askew (senior associate) and Rachel Nicholson (associate).
The owners of the Profke Aged Care Group were also advised by Matthew Gray (partner) and Nathan Fenner (director) of KPMG.
Deal significance: According to a release by DibbsBarker, Profke Aged Care Group has recently settled a sale to ASX-listed aged care operator Japara Healthcare Limited of its portfolio of four aged care facilities in Queensland and NSW. A total of 587 beds were sold across the four sites.
The ownership structure of the Profke Aged Care Group increased the complexity of the transaction, with a number of interconditional agreements required to sell the necessary assets out of family trusts and multiple companies.
DibbsBarker lead partner Ms Rayson said: “This transaction is another example of consolidation in the aged care industry, an industry that is likely to continue to evolve and grow with Australia’s ageing population and increased government regulation.”
