Maddocks acts on sale of residential aged care portfolio
Maddocks has acted for Riviera Health on the sale of its residential aged care portfolio
Tuesday 10 April 2018
Maddocks has acted for Riviera Health on the sale of its residential aged care portfolio to Japara Healthcare Limited.
Under the deal, completed on 1 April, Japara acquired five aged care facilities in New South Wales including 507 bed licences for $53.5 million, inclusive of assumed refundable accommodation deposit and employee entitlement liabilities.
The Maddocks team was led by Healthcare sector leader Lucille Scomazzon and partner Aaron Kloczko with Bronwyn Badcock (partner, Property), Angela Tao (senior associate, Property) and Lucy Taylor (lawyer, Commercial).
"We continue to see consolidation in the aged care sector, as many of the major providers search for opportunities to optimise scale in key markets," Lucille said.
"The sector remains highly-fragmented and the operating environment increasingly challenging for single facilities and smaller groups. Opportunities of a similar size and scale to Riviera Health are comparatively rare in the market."
"This deal is the latest example of the trend towards consolidation in the sector, which we expect to continue for the foreseeable future."
Maddocks is an independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We advise national and international clients across the built environment, education, government, healthcare and technology sectors, from our Canberra, Melbourne and Sydney offices.
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