Bethanie Care Group
Acquisition of the Berrington Aged Care facilities
On 6 December 2019 it was announced Bethanie Care Group (Bethanie) had entered into a conditional agreement to acquire the Aged Care facilities known as Berrington Subiaco and Berrington Como. If all of the conditions are met, Bethanie expects to take over the operation of these Aged Care facilities in early 2020.
Berrington operate luxury aged care facilities in Perth, Western Australia, providing accommodation for 211 residents across two sites. Bethanie entered voluntary administration in July 2019 following the maturity of a debt facility that was unable to be repaid or otherwise refinanced.
The transaction consideration was not disclosed, but includes Bethanie taking on more than A$100 million in Resident Accommodation Deposit liabilities (being bonds paid by residents upon entering the facilities, and subject to certain deductions, largely repayable upon departure).
Bethanie is Western Australia’s leading not-for-profit aged care, person-centred provider, with 34 locations in metropolitan Perth and regional Western Australia.