BaptistCare has announced it has entered into an agreement to acquire Keyton’s Western Australian retirement village portfolio, with Cushman & Wakefield acting as the exclusive broker for the transaction.
The agreement will see BaptistCare take over the ownership and operation of 10 retirement villages, eight located in metropolitan Perth, with the remaining two in Mandurah and Bunbury, comprising 1,639 homes (1,568 independent living units and 71 apartments). BaptistCare will assume full operation in the coming months, ensuring a smooth transition for 2,080 residents and offering employment to more than 50 existing Keyton WA employees.
Nathan Cockerill, Chief Executive Officer at Keyton, said
“I am immensely proud of our WA staff and their commitment to residents and to making this transition a successful one. They are the reason our villages are in such good shape, and they will be the reason the villages will continue to thrive with BaptistCare.”
Charles Moore, CEO of BaptistCare, added
“We are thrilled to expand BaptistCare’s presence in Western Australia and welcome a large new community into the BaptistCare family. The portfolio complements our existing 10 villages, 12 aged care homes and three Home Care hubs in WA.”
David Curtis, Co- Head Alternatives, Capital Markets of Cushman & Wakefield who negotiated the deal said
“This transaction reflects the strong demand we’re seeing for high-quality retirement living assets in Australia.
The process attracted significant interest from a range of operators and investors, underscoring the confidence in the sector’s long-term fundamentals. We are pleased to have facilitated a smooth and strategic outcome for both Keyton and BaptistCare.”
This acquisition marks another step in BaptistCare’s growth, increasing its national portfolio from 35 to 45 retirement villages and expanding its independent living units from 2,100 to 3,739 nationally.
