Radius Residential Care Limited announced that it has entered into conditional agreements to acquire the land and buildings of four aged care facilities, currently operated by Radius Care with 342 care beds, from its landlord UCG Investments Limited (UCG) (UCG Acquisition). The properties which form part of the UCG Acquisition are: Radius Arran Court located in Te Atatu South, West Auckland: 102 care beds; Radius Fulton located in Caversham, Dunedin: 93 care beds; Radius Peppertree located in Kelvin Grove, Palmerston North: 62 care beds; and Radius St Joans located in Fairfield, Hamilton: 85 care beds. The total purchase price of the properties is $46.7 million, based on independent valuations.

The UCG Acquisition will be funded by the following facilities to be provided by ASB Bank Limited: a new $23.675 million loan facility with an up to five-year term; an existing development facility that will be partially ($15 million) re-purposed to support funding the UCG Acquisition for five months; and a new $8 million bridging facility with a five-month term.