Lifestyle sells Ocean Grove block
Aged care and land lease operator Lifestyle Communities has sold an Ocean Grove tract – one of four sites it is offering, part of a plan to recoup $114.1 million from a portfolio it recently appraised at $154.1m.
It is the priciest – worth $46.2m.
But that result still reflects a loss on the June 30 book value – $54.8m.
Lifestyle suffers another hit
Settlement, to an as yet undisclosed developer, is scheduled October.
The ASX listed group is also divesting properties at Drysdale (valued at $41.9m, trading for $18.6m, according to its most recent annual report), Merrifield (trading for $28.1m against a $38.4m book value) and Warragul (valued at $19m, trading for $19.3m).
It secured three major sites last financial year too including a 260-home LLC at Phillip Island and 187-lot parcel at Merrifield. It bought another Ocean Grove property too, spreading 7.9ha, where a LLC community with 290 dwellings is planned.
More to come.
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