Primelife has bought the Highwood Court Aged Care facility for $3.8 million, as a result of orders made in the Federal Court of Australia.
The Federal Court order were made following proceedings brought by the Australian Securities and Investments Commission to wind up the unregistered managed investment scheme involving the Highwood Court Aged Care Facility.
The investors involved in the Highwood Court Partnership scheme agreed to sell their interest in the Highwood Court Aged Care Facility to Primelife Corporation Limited, and the proceeds of that sale were distributed to investors.
ASIC’s executive director of enforcement Jan Redfern said ASIC’s proceedings should not cause any disruption to the residents of the retirement villages and aged care facilities operated by Primelife.
Primelife’s managing director Jim Hazel said the group were delighted to be able to secure ownership of the Highwood Court facility that it currently manages.
Highwood Court is a 75 bed aged care facility located in Burwood in the eastern suburbs of Melbourne.
“It has an occupancy of 92%, generates industry standard earnings per bed and will be an attractive addition to Primelife’s growing portfolio of owned and managed aged care facilities,” he added.
Settlement will occur on October 27, 2006.
By Kathryn O’Meara
