Lend Lease Corporation Ltd
(ASX:LLC) says it has agreed to purchase nine aged care facilities and four retirement villages from Prime Retirement and Aged Care Property Trust in a deal worth $76.75 million.
The facilities and villages are currently leased and managed by Lend Lease Primelife, who will continue to manage the properties after the change on ownership.
The company says settlement of nine of the acquired properties is expected to be completed by the end of September, with the remaining four conditional on a number of consents including approval from the Department of Health and Ageing.
CEO Steve McCann says the acquisition is important for Lend Lease’s aspirations in the retirement sector and enables Lend Lease Primelife to focus on operating its business as a leading manager of retirement and aged care assets in Australia.
Lend Lease’s 2008 net profit nearly halved from its high the year before of close to half a billion dollars.
