Estia snaps up two more aged care homes
Estia Health, which was acquired less than two years ago by Boston-based Bain Capital, has added two more aged care homes to its book.
In Sydney’s Little Bay and Warrawee, with a total 259 rooms, the multi-level assets were divested by Mark Moran Group.
Settlement is scheduled June. Value is as yet undisclosed.
With the deals, MMG, formed in 2010 by Mark Moran and his wife, Yvette, with the Little Bay home, will control one property of this type – at Vaucluse, also considered the country’s most expensive, with units in excess of $2 million.
Mr Moran is the fourth son of late billionaire Doug Moran, who established Moran Health Care in 1956.
Later led by Mark, MHC over 20 years ago controlled some 3000 beds in 39 homes.
Estia keeps growing
The Little Bay and Warrawee deals come two months since Estia acquired David Di Pilla’s Aurrum Aged Care, with three homes on the New South Wales Central Coast – at Erina, Norah Head and Wyoming – and four Melbourne assets, in Brunswick, Healesville, Plenty and Reservoir (story continues below).
That transaction included about 800 beds.
Last year meanwhile, it bought three regional Queensland aged care homes – in Gympie Views, Noosa and the Gold Coast’s Robina – from Calvalry Health Care.
That purchase added 460 beds.
Following settlement of its Sydney properties, Estia will control 87 local aged care homes accommodating some 9000 residents.
Bain entered an $838m agreement for the group in August, 2023.
After reportedly meeting targets for the local arm last year, it was speculated several months ago that Bain might be looking to flip.
Subscribe to our newsletter at the bottom of this page.
