The UK-based health insurer and healthcare provider Bupa is reportedly understood to have hired Macquarie Capital for a sale of its New Zealand aged care and retirement village business.
Bupa bought private equity firm CVC Asia Pacific’s ownership of Australia’s Amity and New Zealand’s Guardian Healthcare in October 2007, which then owned a total of 96 aged care homes.
Bupa NZ has opened new retirement villages in Christchurch, Hawkes Bay, Wellington and Whangerai. It has 47 care homes, including a newly built home in Hamilton.
The Australian speculates Sydney-based Not For Profit Calvary Health Care, which paid $380 million for ASX-listed Japara Healthcare in October last year, and the Not For Profit St Vincent’s Health Australia are likely to be interested.
There is no mention that Bupa Australia, which in April last year delivered a $71 million loss on top of a loss of $52 million in 2019, is part of the sale.
The timing is surprising as New Zealand, like Australia, has an aged care staffing crisis.
Providers have closed 1,000 aged care beds to ensure residents can be safely cared for.
