Prime Trust $200M SE QLD retirement villages for sale
April 24, 2012
| Healthcare & Retirement Living
KordaMentha, acting on behalf of the secured creditors of Prime Trust’s seven retirement villages in the Sunshine Coast and Gold Coast, has appointed Colliers International to sell off the portfolio with the first property to be placed on the market mid this month.
The villages have an expected combined value of more than $200 million.
Under an agreement reached with KordaMentha, Lend Lease who currently manages the villages will surrender their management rights but will continue to manage the Villages until a new manager or operator takes over.
The seven villages to be sold comprise Noosa Outlook Retirement Resort; Nambour Retirement Resort; Buderim Gardens Retirement Resort; Buderim Meadows Retirement Resort; Chancellor Park Retirement Resort; Bellflower Retirement Resort and The Gardens on Lindfield.
Phil Smith, Colliers International National Director of Healthcare & Retirement Living, confirmed that the villages would be offered individually as well as collectively, and expects a high level of interest in the portfolio.
Shane Nicholson, Director of Colliers International Healthcare & Retirement Living said they are working with KordaMentha and Lend Lease to ensure that the marketing campaign has minimal impact on the residents of the villages and expect that any change of village ownership will be seamless and end the uncertainty for those residents.
“Residents and staff will be, or in some cases have already been, briefed on the impending sale.”
In October 2010, Administrators were appointed to Prime Trust’s $400 million portfolio of retirement villages following the appointment of receivers to the bulk of those assets.
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