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Riviera Health sells 5 residential aged care facilities
Maddocks has advised Riviera Health on the sale of its residential aged care portfolio to Japara Healthcare Limited.
Jerome Doraisamy
Firm: Maddocks (Riviera Health), Herbert Smith Freehills (Japara).
The deal, which was completed on 1 April 2018, sees Riviera sell its entire NSW residential aged care portfolio.
Value: $53.5 million.
Area: Healthcare, Property.
Key players: Healthcare sector leader Lucille Scomazzon and partner Aaron Kloczko led the Maddocks team, who were supported by members of the firms property group, including Bronwyn Baddock (partner), Angela Tao (senior associate) and Lucy Taylor (lawyer, commercial).
Deal significance: Speaking about the finalised deal, Ms Scomazzon said the firm continues to see consolidation in the aged care sector, as many of the major providers search for opportunities to optimise scale in key markets.
“The sector remains highly-fragmented and the operating environment increasingly challenging for single facilities and smaller groups. Opportunities of a similar size and scale to Riviera Health and comparatively rare in the market,” she said.
“This deal is the latest example of the trend towards consolidation in the sector, which we expect to continue for the foreseeable future.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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