Regis Healthcare (ASX: REG) has agreed to acquire two premium residential aged care homes on Melbourne’s Mornington Peninsula.
The $35.5 million transaction involves the purchase of facilities in Capel Sound and Mornington from Ti Tree Operations, adding 262 beds to Regis' portfolio.
"We are excited to add these quality homes to our portfolio and broaden our footprint in Melbourne. We look forward to welcoming the residents, families, employees and communities to Regis and ensuring a seamless transition of services," said Regis' CEO, Dr. Linda Mellors.
Village Glen Founder and Managing Director, Chas Jacobsen, stated, "We are delighted that Regis will be the new owner and custodian of the Capel Sound and Mornington facilities. We look forward to an ongoing and productive relationship between the parties into the future via our co-located retirement village."
The acquisition, expected to be completed by Dec. 2, is subject to regulatory approvals and will be funded by Regis’ existing cash reserves.
Once finalised, Regis Healthcare’s total aged care portfolio will encompass 68 homes with approximately 7,660 beds.
In addition to the Mornington Peninsula acquisition, Regis is planning to open a new 112-bed greenfield residential aged care home in Camberwell, Victoria by late 2024.
Continuing to invest in its future, Regis also welcomes recent bipartisan aged care funding reforms aimed at making the sector sustainable and equitable.
Regis Healthcare is an Australian aged care operator that provides services to more than 9,000 older Australians through residential aged care homes, home care service hubs, day therapy and day respite centres and retirement villages.