QLD’s RSL Care has joined with the stock exchange listed Generation Healthcare, a specialist property investment fund, to fund the growth of aged care facilities and possibly its operates.

Last week RSL sold three of its care facilities with 311 beds for $45.8M to Generation Healthcare but with a contract to lease them back for 20 years plus the option of two further 10 year periods.

They are at Banora Point, Hervey Bay and Alexandra Headlands. The lease delivers Generation Healthcare a 7.65% return.
The co-located retirement villages will remain as RSL owned properties.

Generation Healthcare specialises in buying and then renting health related properties; with this deal it will have 16 hospitals, medical centres, laboratories and aged care facilities worth $387 million.

RSL Care as 3600 staff, revenue of $250M and an asset base of just under $1B.