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Macquarie managed fund to acquire interest in Canadian aged care provider |
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13 September 2005 The Macquarie Power Income Fund (MPT), an income trust listed on the Toronto Stock Exchange and investing in North American power and infrastructure assets, today announced that it has entered into an agreement to acquire a 45 per cent indirect equity interest in Canadian aged care provider, Leisureworld Inc., and associated entities for approximately $C102 million, including offering and transaction costs. MPT intends to finance its acquisition through a public offering of subscription receipts and through the issue of exchangeable units to certain of the vendors of the Leisureworld business. The acquisition is expected to take place around mid-October 2005, at the same time that Macquarie Bank Limited (MBL) reaches financial close for the remaining 55 per cent of the Leisureworld business through a subsidiary. Following financial close of the acquisition, MBL may seek to transfer the economic benefits of its 55 per cent ownership to another Macquarie managed fund within 6 months. Leisureworld is a leading operator of long-term care (LTC) facilities in the Canadian province of Ontario. The Leisureworld portfolio includes 19 LTC facilities (3,147 beds), two retirement homes (87 beds) and an independent living facility (53 beds). It has been operating successfully for 32 years. The purchase also included Preferred Health Care Services, a leading provider of professionals for long-term care homes and for private care. In March 2005, MBL announced it had agreed to acquire through a subsidiary the business of Leisureworld for $C528 million, including transaction costs, to be funded by a combination of debt and equity. MBL also stated it was exploring long term options for its holding in Leisureworld, including possible transfer into a Macquarie managed fund. The completion of the transaction is subject to regulatory approvals, including from the Ontario Ministry of Health and Long Term Care. The impact on MBL's Tier 1 capital is expected to be negligible. For further information, please contact:
Erica Sibree
Matthew Russell |
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information | Privacy
policy Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
not an authorised deposit-taking institution for the purposes of the Banking
Act (Cwth) 1959. That subsidiary's obligations do not represent deposits
or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL).
MBL does not guarantee or otherwise provide assurance in respect of the
obligations of that subsidiary, unless noted otherwise. |
