Northwest breaks even on aged care portfolio sale
EXCLUSIVE
Northwest managed Vital Healthcare Property Trust has quietly sold three aged care investments bought in March, 2020, when the country went into lockdown.
The New Zealand listed entity is breaking even on the $57.5m disposal to Catalyst Health REIT.
The assets include, in Queensland, Bolton Clarke Tantula Rise, with 120 single rooms in Alexandra Headland on the Sunshine Coast, which set the seller back $22.52m, and the 101 room Baycrest Hervey Bay at 99 Doolong Road, Pialba, which cost $18.08m.
Meanwhile on New South Wales’ Tweed Coast, the Bolton Clarke Darlington facility at Banora Point (pictured, top) is also changing hands.
Northwest spent $16.9m for this property, with 90 rooms (story continues below).
South Yarra based Catalyst, led by Justin Laboo and Simon Cunningham, is believed to be paying similar amounts.
All asset are subject to leases with about 12 year remaining to Bolton Clarke, which sold them in 2020.
JLL’s Simon Quinn and Thomas Thorsen brokered the latest off market deals.
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