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Prime Retirement and Aged Care Property Trust Provides Update on Sale of Non-Core Assets
Tuesday June 16, 2009, 10:06 am

Original Announcement: Update on Sale of Non-Core Assets

Prime Retirement and Aged Care Property Trust announced the sale of the Veronica Nursing Home located in the Brentwood Retirement village. The sale is conditional on the approval of the Department of Health and Ageing for the transfer of bed licenses. This is expected to be a straight forward matter. The transaction should complete at the latest by September. The price of $8.5m is a $1.5m reduction on book value. Proceeds will be used to pay down debt. The Trust, through its selling agents Jones Lang LaSalle TBM Commercial have been marketing 6 aged care and 4 retirement village properties, located in South Australia (3), Victoria (6) and NSW (1). These properties are under long-term lease to a third party operator, who pays a monthly rental. The Trust has had a strong response with at least 26 expressions of interests for either individual facilities, group of facilities or for the entire portfolio. The expressions of interest are now being assessed and preferred bidders will be shortly selected and given the opportunity to conduct further due diligence and enter into contract negotiation.

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