Childcare Centre Property Fund update
16 April 2009
Yesterday PPB, the Government appointed receivers of ABC Learning Centres Government funded portfolio of 241 childcare centres announced that operators for 210 of the 241 ABC centres have been identified. These centres have been funded by the Federal Government since 31 December 2008. The Orchard Childcare Property Fund (the Fund) has 35 centres in this portfolio.
As the landlord, Orchard has been heavily involved with PPB in finding new operators for the centres and we are pleased to advise that the ongoing business associated with the operation of all 35 Orchard Childcare Property Fund centres has been acquired by two independent childcare centre operators. The Fund does not own any of the 19 centres being closed by PPB.