Radius Care Limited (NZX: RAD) has today announced the acquisition of the land and buildings of four aged care facilities currently operated by Radius Care with 342 care beds, from its landlord UCG Investments Limited.
The purchase price of the properties is $46.7 million, funded by a new loan facility of $23.675 million, a repurposed development facility of $15 million and a new bridging facility of $8 million.
Radius Care also announced the Nomination of a third party to acquire the land and buildings of a fifth aged care facility operated by Radius Care, with an option for Radius Care to acquire at a purchase price determined by an agreed yield.
The transactions will increase Radius Care’s freehold ownership to 12 out of 23 aged care facilities operated, and are subject to Radius Care shareholder approval.
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