Deal: Ord Minnett Management Limited’s Private Capital division has been advised on its co-investment with Australian Unity into a fund that will develop an aged care and assisted living facility located at 114 Albert Road in South Melbourne, Victoria operated by Australian Unity.

Value: $125 million.

Area: Corporate, banking and finance.

Key players: The legal team advising Ord Minnett Management Limited was led by Norton Rose Fulbright corporate M&A partner Ben Smits and banking and finance partner Tim Mornane.

The pair were supported by senior associate Charlie Watson (corporate M&A), special counsel Andrew Singh (banking and finance), and lawyer Andrew Cho (corporate M&A).

Deal significance: Ord Minnett is described as a leading private wealth management group with more than $35 billion in funds under advice, while Australian Unity is described as Australia’s first member-owned wellbeing company, which offers health, wealth and care services throughout Australia. 

According to a statement from Norton Rose Fulbright, the project “involves the repurposing of Australian Unity’s former head office into a premium aged care and assisted living community, co-located with Australian Unity’s newest retirement village, The Grace”.

VIEW ALL

“The Project forms part of Australian Unity’s integrated Albert Park Wellbeing Precinct with assisted living apartments, wellness centre, restaurant and retail spaces to facilitate a continuum of home and health care options facilitating the changing needs of its residents,” the statement added.

As part of its work on the matter, Norton Rose Fulbright advised Ord Minnett throughout the transaction, including conducting legal due diligence, through to drafting, negotiating and facilitating signing and exchange of key equity, senior financing and project-related documents. The deal completed on 16 February 2021 and the $125 million development is scheduled for completion in late 2022.

“The Norton Rose Fulbright team was delighted to assist Ord Minnett’s Private Capital team on this new investment,” co-lead partners Mr Mornane and Mr Smits said.

“The transaction involved a novel structure and it has been particularly rewarding to have played a part in a new investment partnership that is intended to deliver high quality services and accommodation to senior Australians in need.”

Trent Donnelly, director of Private Capital at Ord Minnett, commended Norton Rose Fulbright on its assistance.

“It was great to be able to work with the Norton Rose Fulbright team again, as this was a new investment structure for us and the coordination of all of the various workstreams and transaction dynamics was important,” he said.

“The team was able to pull this together seamlessly at the same time as giving commercial advice.”