Just 18 months after buying Guardian Healthcare Group for $110 million, Pacific Equity Partners (PEP) has agreed to sell New Zealand's biggest private rest home operator for $300 million to Australian company DCA Group Ltd.
Tuesday, July 12th 2005, 6:03AM
by The Landlord
The rise in value can partly be explained by Wellington-based Guardian extending its portfolio just a month ago, acquiring the assets of Care and Independence.
That added Hillsborough Hospital and Remuera Life Care retirement village in Auckland, Mitchell Downs in Rotorua, the Care and Independence Hospital in Taupo and three rest homes in Christchurch to its asset base.
It already had 25 rest homes and hospitals with a total of about 1700 beds, when the Overseas Investment Commission approved a public takeover by PEP and Guardian management at the start of last year.
The DCA Group will be buying 32 homes and hospitals with 2163 residential aged care beds and 379 independent living units across New Zealand.
