AMP Capital has sold nearly half of Australia’s largest aged care operator, Domain Principal Group, to Singapore tycoon Goh Geok Khim (pictured).

The big price of $136.7M delivers a Price/Earnings ratio of a huge 22.5 times. They state the opportunities in consolidating the fragmented aged care market justifies the price.

Each partner has committed $25M to further Domain expansion. They point out that there are 1,054 residential care providers across 2,716 locations and 182,000 beds, and that $25B in capital will be required over the next 10 years to deliver new beds for the forecast 40% increase in residents.

Domain has 55 care facilities with 4,500 beds.