This article is from the Australian Property Journal archive
ASX-listed Regis Healthcare is selling the Hollywood retirement village and vacant land in Perth’s Nedlands to Hesperia for $53 million, giving Adrian Fini and Ben Lisle’s development group control of 55,500 sqm of inner city land.
Hollywood Village has 84 partially occupied independent living units and vacant land with development approvals.
“We will continue to operate the village for existing residents while we consult on and design a master-planned precinct for this substantial inner city land area adjacent to important medical facilities and surrounded by an established residential area,” said Hesperia director Rowan Clarke, who led the transaction for Hesperia alongside fellow director Kyle Jeavons.
The transaction is expected to close by the end of this month.
The deal strengthens Regis’s balance sheet and results in a proforma 58% reduction to its net debt prior. Regis’ net debt has decreased since since the end of December to $89.7 million at 31st May, benefiting from operating cashflow and increased net RAD inflows during the second half of the financial year.
“This transaction delivers on our strategy to release capital from non-income producing assets to reinvest into higher returning core business opportunities,” said Regis’ CEO Linda Mellors.
“Hesperia is well positioned to realise the potential of this significant site in the western suburbs of Perth.”
Fini is co-founder of brewery Little Creatures alongside restaurateur Nic Trimboli. Together, they have just added to their Fremantle holdings with the $5.3 million purchase of the 121-year-old P&O Hotel.
