The Mornington is a large and established Retirement Village with over 200 units on Victoria’s popular Mornington Peninsula. Being a community focused provider, it was management’s strong preference that the interests of local staff and residents be protected during and after the divestment of the village. After an extensive search process AMICUM managed to secure Southern Cross Care (SA&NT )Inc, a successful and expanding community operator based in Adelaide to take over operations in early 2019
Challenge
The owner of the Mornington Retirement Village wished to divest of the asset in order to follow a strategy of new developments in Melbourne’s metropolitan areas. Apart from the usual challenges of achieving the best possible sale price while keeping the transaction confidential and offmarket, the owner also had a strong preference to continue the not-for-profit focus of the village operations post sale and divest to another community provider.
Solution
We ran a unique off-market campaign utilising Amicum’s precise database and relationships within the Retirement Living Industry to procure suitable future operators.
Result
After initial discussions with a couple of interested parties that proved dissatisfactory for our client, AMICUM managed to secure a not-for-profit provider from South Australia who was looking for this exact type of asset. The conclusion of discussions and a due diligence period confirmed the suitability of the buyer and their ability to conclude a transaction of this magnitude. The sale settled in early 2019, with all parties pleased with the result.