Aged care and retirement village operator Radius Care announced this week it is buying Matamata Country Lodge along with three neighbouring properties for $17.1 million.
Radius Care said in a statement that the acquisition represents further execution of the company's strategy. Matamata Country Lodge provides a full continuum of care from retirement village units, to high acuity care beds and a development pipeline.
Matamata Country Lodge has 40 units and the care home has 85 beds.
Currently, Matamata Country Lodge has 40 units and the care home has 85 beds. Radius Care plans to develop additional units on the site - a concept design for 18 new villas has been completed.
With the addition of Matamata Country Lodge, Radius Care will have 24 facilities across the country including four others in the Waikato:
● Radius Glaisdale care home in Flagstaff, Hamilton ● Radius Kensington care home in Maeroa, Hamilton ● Radius St Joans care home in Fairfield, Hamilton ● Radius Windsor Court care home and Windsor Court Village in Ōhaupō.
Radius Residential Care Ltd executive chairman Brien Cree and CEO Andrew Peskett said in the statement: "From the moment you arrive at Matamata Country Lodge, you can see that it's a special, well designed, and beautifully manicured property. At the same time, it is an excellent business, with very high occupancy and a maximum period, of four-year certification from the Ministry of Health.
"There is also a high net latent demand in the area due to limited major competitors and a waiting list for the retirement village units. The team at Radius Care is looking forward to welcoming the Matamata Country Lodge residents and staff into the Radius family as our 24th care home and fourth retirement village.
Matamata Country Lodge is Radius Care's 24th care home and fourth retirement village.
The acquisition of Matamata Country Lodge is planned to be funded by a $10 million payment from debt facilities, $2.1m of vendor finance, and the issue of $5m of RAD shares issued at the market price on completion.
"We're looking forward to positively impacting the lives of all residents and staff at Matamata Country Lodge. Radius Care employs over 1600 people nationwide, we offer staff enrichment and training opportunities, as well as access to resources and expertise from the support office and from colleagues around the country," says Peskett.
Since June 2021, Radius Care has acquired 10 properties including eight properties that were previously leased and the new properties of Clare House in Invercargill and now Matamata Country Lodge.
The acquisition of Matamata Country Lodge is conditional on confirmation of debt finance and receiving relevant regulatory approvals.
