The family-owned organisation has executed a strategic plan to re-orient the business back to its roots in retirement living and home support, with the sale of its two residential aged care facilities on Victoria's Mornington Peninsula for a net price of $35.5million.
Taken with the RAD liabilities, this equates to approximately $400,000 per bed.
Village Glen Chief Executive Officer Marcus Thompson said it would continue to operate the 634-unit retirement village, which is co-located at the Capel Sound site, and the Flexicare Home Support business. Village Glen won the People's Choice Award for Best Retirement Community and the Best Refurbishment below $1 million at the National Retirement Living Awards on the Gold Coast in June.
“The sale to an organisation of the calibre of Regis is a great outcome for residents, families, staff and the Mornington Peninsula community, with another high-quality organisation continuing to operate the residences, providing continuity for residents and employees,” Marcus said. “For Village Glen, it will mean a laser focus on our traditional offerings of seniors’ accommodation and support.”
He thanked aged care and retirement living specialist agency Amicum for conducting the successful off-market campaign. Russell Kennedy law firm acted for Village Glen.
Village Glen patriarch Chas Jacobsen founded Village Glen on the Mornington Peninsula more than 40 years ago, with a mission to provide care he considered good enough for his own mother. Now Managing Director, Chas has overseen the development of the company into one of Australia’s most innovative seniors’ accommodation and care providers.
“It gives me enormous satisfaction to know that the Capel Sound and Mornington residences can now thrive under new ownership, while Village Glen returns to its roots in retirement living and focuses on Flexicare,” Chas said.
