Growthpoint Healthcare Property Holdings is potentially marking its formal entry into the senior living sector with its proposed acquisition of the properties and operations of Auria Senior Living.

With property assets valued at R2.4 billion (including minority interests), the proposed transaction will initially add four Auria Senior Living communities to Growthpoint Healthcare Property Holdings’ growing portfolio of healthcare and wellness properties.

As part of the acquisition, Auria will continue to operate under its current leadership team and brand with its executives taking up shares in Growthpoint Healthcare Property Holdings.

Auria’s current operations span three communities in Johannesburg – San Sereno in Bryanston, Melrose Manor and Royal View in Sandringham – and Woodside Village in Rondebosch, Cape Town. The communities comprise +900 residents over 630 independent living units with some 110 care centre units. The company also has a pipeline of developments including Coral Cove in Salt Rock, KwaZulu-Natal as well as greenfield and brownfield opportunities which Growthpoint Healthcare Property Holdings intends to commence.

The Auria acquisition will take Growthpoint Healthcare Property Holdings’ assets under management to around R6.2 billion, having already ticked all the boxes for a future IPO and stock exchange listing.

The transaction remains subject to the usual regulatory approvals.