The Greengate deal accelerates Australian Unity’s plans to expand its presence in Queensland, where the company is already the lead developer of one of the largest social infrastructure programs in the country. the Herston Quarter health district in Brisbane.
Greengate’s three operational locations – Maroubra and Kogarah in Sydney and Woolloongabba in Brisbane – will add 253 independent units
and 225 geriatric care beds for private households in the portfolio of Australian Unity. The Auchenflower development site in downtown Brisbane is expected to deliver 88 ILUs and 110 RAC beds.
The transaction will be largely funded from existing funds, including proceeds from the $ 120 million inaugural offering to Australian Unity Mutual Capital Instruments last December.