Resthaven has acquired 12 smaller retirement villages in suburban Adelaide from fellow SA-based Not For Profit ACH Group for an undisclosed sum as ACH looks to focus on continuum of care.
The villages, which contain less than 20 units each, comprise 123 units in all and, according to Resthaven CEO Darren Birbeck (above), will increase Resthaven’s retirement living portfolio by 40%.
“This group of villages complements Resthaven’s service areas and supports our strategic objectives in relation to planned and considered growth and expansion of retirement living.
“With opportunities to provide affordable housing options, it further demonstrates our unwavering commitment to older people in South Australia,” he said.
Frank Weits (pictured), CEO of ACH Group, says that the move had been “carefully considered” to ensure Resthaven was a good fit, both for the villages themselves and their residents.
“ACH Group’s decision to sell the selected retirement living locations is in line with our strategic vision of Connected Communities, which focuses on geographic areas where we can support residents and customers with multiple services.
“Retirement living will remain a key service offering for ACH Group along with home care, health and wellbeing, social, and residential care. We look forward to continuing to support the residents who are living in more than 580 ACH Group retirement living units across metropolitan Adelaide,” he said.
Frank told The Weekly SOURCE that the villages were located in areas where ACH Group did not have convenient aged care homes or strong home care services, and that ACH sold them in order to focus on growing continuum of care at other sites.
“It was often the case for those customers that all we were was a retirement living provider with no further connection to ACH Group.
“By divesting those assets to a reputable business like Resthaven, that allows us to use that money to invest in the locations where we can deliver the best service offering – divesting in areas where we are not that strong to areas where we are much stronger,” he said.
Settlement is planned for 1 February, with Resthaven senior management to meet with residents beforehand. The deal comes almost a year after Resthaven made a major retirement living purchase on SA’s Fleurieu Peninsula, buying the 29-home Chiton Retirement Living village.
