The unlisted Australian Unity Healthcare Property Trust (AUHPT), which is the subject of a takeover bid by Canada’s NorthWest Healthcare, has announced it paid $10.75 million for the site of an approved 177-bed residential aged care facility (artist’s render pictured) in Knoxfield, 33km south-east of Melbourne’s CBD.
In addition, it has provided development and loan funding of up to $54.25 million, subject to financier approval.
Construction on the 12,700sq/m of land is expected to start late this year with the building ready for occupation in the middle of 2023. Upon completion of the building, the property will be leased to aged care operators Infinite Care for an initial 25 years.
The announcement comes amid Australian Unity Funds Management’s efforts to repel a hostile $2.7 billion takeover bid for the 62-asset AUHPT from NorthWest Healthcare. Australian Unity Funds Management has rejected NorthWest Healthcare’s bids four times to date, arguing the offers undervalue the unlisted healthcare fund, including what it says is a $1 billion development pipeline.
The vote of the 10,000 unitholders who will decide the future ownership of the 20-year-old AUHPT will be declared in Melbourne on 19 July.
Moelis still expanding aged care despite Japara
The interesting thing is infinite Care is 70% owned by investment bank Moelis, who also has a large holding in Japara (around 10%), which at current buyout prices places Moelis in the red on that investment.
