Radius Care (NZX: RAD) has signed an agreement to sell the Arran Court facility, located in Te Atatu, Auckland.
The sale is for 100% of the business, including the freehold property. The sale proceeds are approximately $19.0m (net of sale costs), with settlement planned on 16 January 2024.
The sale is conditional on ASB approval. The pending transaction is also conditional on the purchaser completing satisfactory due diligence and obtaining finance and regulatory approvals. All conditions are due to be satisfied by 30 November 2023.
Brien Cree, Executive Chair, said “Our people at Arran Court have been an important part of the Radius Care community since 2007. We will work closely with the purchaser to ensure a smooth transition and continuity of the care standards our residents and their families expect”.
The sale proceeds will be applied to repay existing debt, representing significant progress in meeting the goals of the debt management program (as outlined in Radius Care’s 2023 Annual Report).
For further information, please contact
Andrew Peskett
Chief Executive Officer
Phone: +64 21 747 363
Email: [email protected]
Jeremy Edmonds
Chief Financial Officer
Phone: +64 22 650 9354
Email: [email protected]
