Australia's largest aged care provider has exchanged contracts with Jeta Gardens’ Malaysian owners to purchase the site, which is situated on 26ha in Bethania, 30km southeast of the Brisbane CBD, with a co-located retirement village on site.
Opened in 2007, Jeta Gardens was branded as “Australia’s leading multicultural senior living provider”, aimed at Chinese Australians. Originally an 108-bed aged care facility, 23 independent living units and 32 apartments, Malaysian hospital provider KPJ Healthcare purchased 51% of the business for around $45 million in 2011 to grow its aged care expertise.
Over time, KPJ raised its stake to 57% and expanded to 178 beds but by 2018, media reports were suggesting that the healthcare giant was keen to sell its stake.
Under the agreement, Opal HealthCare will purchase the Jeta Gardens aged care business from KPJ for AUD$15 million as well as the land and buildings from its associated Al-‘Aqar Healthcare REIT for AUD$24.4 million.
The adjoining retirement village will continue to be operated by KPJ “until a suitable purchaser is found”.
Opal HealthCare said they were pleased to have the home join their communities, which now number over 100.
“As a dedicated provider of residential aged care, we are committed to supporting local communities in Queensland with compassionate, high-quality care and services for people as and when they need it,” said a spokesperson.
“While the sale relates to the Jeta Gardens Aged Care community only and does not include Jeta Gardens Retirement Village, it is our intention to nourish the already strong community connections within Jeta Gardens so those important relationships continue to thrive.”
