Stockland (SGP) has entered into a strategic partnership with Opal Aged Care to provide aged care services at a number of Stockland Retirement Villages.
Under the partnership agreement, Stockland will sell four of its aged care facilities to Opal for $25.6 million, which includes $4.5m of deferred payments.
Stockland said the price was below book value as at December 31, which reflected the upcoming demolition and redevelopment of the Cardinal Freeman site.
Stockland managing director Mark Steinert said the group remained focused on implementing its strategy to manage and grow the retirement living business to deliver sustainable profit growth.
Stockland’s existing aged care portfolio comprises four properties in New South Wales and Victoria with a combined total of 366 beds.
The group is one of Australia’s largest retirement living owners and operators, with 62 villages comprising more than 8,200 units across five states and the ACT.