Anglicare Sydney announces investment in LDK Healthcare
Anglican Community Services trading as Anglicare Sydney has exchanged on a transaction to acquire a 50% interest in LDK Healthcare (LDK) as part of its long-term investment strategy.
The acquisition stems from the decision by ASX-listed Cromwell Property Group (Cromwell) to simplify its structure and divest non-core assets to position itself as a capital-light global property fund manager. The remaining 50% of LDK Healthcare remains with Aspire Group.
Anglicare Sydney’s CEO Mr Simon Miller sees the acquisition as a natural implementation of his organisation’s investment strategy. Mr Miller said, “Our investment in areas with which we are aligned strategically and in which we have extensive experience makes good sense. This opportunity to join in a partnership with Aspire is a good fit for Anglicare. LDK’s values are highly complementary to Anglicare’s, and we look forward to partnering with them to deliver exceptional service for LDK’s current and future residents.”
“For more than 160 years, including 70 in aged care and retirement living, Anglicare has sought to provide excellent service, with a focus on ensuring that all are cared for with dignity and respect. Our values and Aspire’s values align, and we look forward to partnering with them to deliver exceptional service for LDK’s current and future residents.”
Also commenting on the sale, Aspire Managing Director Paul Browne said: “We are proud of what we have accomplished with Cromwell over the past four years and look forward to continuing to deliver villages where our residents feel a true sense of belonging in this new chapter with Anglicare.”
The management and operations of the LDK Healthcare portfolio remain unaffected by the acquisition. However, Anglicare’s Simon Miller recognises an opportunity for collaborative exchanges between LDK Healthcare and Anglicaregovernance and senior management.
“With this investment comes an opportunity to observe at close quarters the many attributes that LDK have leveraged to create their reputation in care management, in property and in sustainability,” Mr Miller commented.
About Anglicare Sydney:
Anglicare Sydney has cared for the vulnerable and housed senior Australians for over 160 years across two world wars, two pandemics, and numerous economic recessions and depressions. We are a Christian non-for-profit that has cared for vulnerable people and seniors for over 160 years.
With an annual turnover of over $300-400 million, Anglicare Sydney employs over 4,000 people and welcomes the support of 2,300 volunteers. Anglicare Sydney operates across the Anglican Diocese of Sydney – Greater Sydney, Blue Mountains, Southern Highlands, the Illawarra, Norfolk Island and the Shoalhaven – and the Anglican Diocese of Armidale.
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