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Australian Unity establishes disability accommodation fund
Hall & Wilcox has advised Australian Unity on the establishment of a specialist disability accommodation fund and associated capital raising.
Tony Zhang
Firms: Hall & Wilcox (Australian Unity)
Housing in this sector is developed for people living with a disability who qualify for NDIS SDA funding, and rental streams are backed by the National Disability Insurance Scheme (NDIS).
Value: $39 million.
Area: Capital raise, private equity.
Key players: The cross-practice Hall & Wilcox team, led by financial services partner Harry New, assisted by special counsel Vince Battaglia (financial services), provided strategic advice to Australian Unity on all legal aspects of the fund’s establishment, disclosure to investors and associated capital raising.
Partner Alison Choy Flannigan (corporate and health and community), provided specialised advice on the NDIS regulatory aspects of the fund.
Property and projects partner Jane Baddeley and special counsel Emily Kyriacou undertook the property acquisition work.
Partner Anthony Bradica, special counsel Jim Koutsokostas and Rachel O’Donnell (tax) provided tax and stamp duty advice on the fund, property acquisitions and disclosures to investors.
Deal significance: The Australian Unity raising has allowed the fund to invest in income-producing seed properties, including 33 specialist disability accommodation apartments and five carers’ apartments in suburban Melbourne.
“The SDA sector is an important and growing property and infrastructure sector. We were pleased to assist Australian Unity to achieve its goal of providing accessible specialist disability accommodation solutions to Australians of all abilities,” Mr New said.
Since opening the Specialist Disability Accommodation fund to investors, Australian Unity has raised $39 million, $9 million more than its initial target. The boutique but growing sector is specially developed for people living with a disability, with rental streams backed by the National Disability Insurance Scheme. Industry forecasts are expecting the creation of a $5 billion asset class.
The raising has also enabled the fund to secure a pipeline of assets under development.
The specialist disability accommodation sector is growing steadily, thanks to strong investor interest. Government support for NDIS SDA is expected to sustain the sector into the future.
The Hall & Wilcox property team continues to advise on the acquisitions of property as they arise.
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