Radius Care (NZX: RAD) has today announced an agreement to acquire the assets and business of Matamata Country Lodge, alongside three neighbouring properties, for NZ$17.1 million.
The acquisition is to be funded by a $10 million payment from debt facilities, $2.1 million of vendor finance and the issue of $5 million of RAD shares issued at the market price on completion.
The acquisition represents a further execution of the company’s strategy, with the retirement village containing 40 units and the care home having 85 beds.
Radius Care plans to develop additional units on the site, with a concept design for 18 new villas already complete.
The acquisition is conditional on confirmation of debt finance and receiving relevant regulatory approvals and is expected to settle in September 2022.
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