Retirement villages under ACCC’s watchful eye
Just days after announcing plans to purchase a substantial stake in the Babcock & Brown Communities Group (BBCG), the Prime Retirement and Aged Care Property Trust may have encountered its first hurdle: the Australian Competition and Consumer Commission (ACCC).
The ACCC has notified Prime Trust that it will monitor the 40 per cent proportional scrip for BBCG, a listed entity of retirement and aged care facilities.
As previously reported by Money Management, Prime Trust has indicated that once it secures a holding in BBCG, it will then pursue a full merger by way of a scheme of arrangement.
If successful, the merger would create Australia’s largest senior living class owner and operator, with “consequential efficiencies and capital market advantages”, according to Prime Trust.
The ACCC has invited Prime Trust to make a submission regarding the likely competitive effects of the proposed acquisition, after which it will undertake a public informal review of the merger.
Recommended for you
ASIC has commenced civil penalty proceedings in the Federal Court against superannuation trustee Diversa Trustees, regarding the First Guardian Master Fund.
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
