Prime's Retirement Villages Up for Sale
We invite unitholders to read the attached recent article by Mr Nick Lenaghan in the Australian Financial Review.
The article reports that KordaMentha, acting for Capital Finance (one of the Trust's secured creditors)
* has done a deal with Lend Lease Primelife (LLP), to sell seven of the Trust's retirement villages;
* intends to sell the seven villages inclusive of the management rights and then compensate LLP for relinquishing those management rights.
The article also refers to the controversial circumstances in which LLP came to hold the management rights. As we have mentioned on numerous occasions, we believe that LLP does not have proper title to the management rights and that these rights must therefore be immediately forfeited. We will update unitholders further in due course.
A recent letter from Korda Mentha and LLP to village residents is also attached for information.