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Stockland secures $75.8m retirement assets
Two major firms have negotiated the purchase of eight retirement living facilities, valued at over $75 million.
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Firms: Lander & Rogers (Stockland), Minter Ellison (Masonic Homes)
Value: $75.8 million
Area: Projects, construction, infrastructure
Key players: The 14-strong Lander & Rogers team advising on the deal was headed up by partners Julian Olley and John Wells (pictured). Partners Craig Higginbotham and Lisa Zonta, as well as special counsel Gregg McConnell, also played a key role. The team from Minter Ellison was lead by partner Louisa McClurg.
Deal Significance:
The portfolio acquired by Stockland comprises 980 homes and a development pipeline of at least 130 additional dwellings.
This transaction is part of Stockland's capital recycling program to exit non-core villages and reinvest the funds into higher returning assets and development opportunities, according to a statement from Lander & Rogers.
Mr Wells said the deal was the largest retirement living transaction this year in terms of deal size.
“Retirement living is a very highly regulated environment, and we were able to advise on both the pure property aspects, as well as the regulatory aspects of retirement living,” he said.
Mr Olley said the deal presented challenges to the legal team.
“These types of transactions are not seen every day. They present issues that are, at times challenging, and requires the parties to work together to achieve their desired goals,” he said.
