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Fund to develop new Melbourne aged care facility
Norton Rose Fulbright has advised Ord Minnett Management Limited on its investment into an aged care and assisted living facility based in South Melbourne, Victoria.
Emma Musgrave
Firm: Norton Rose Fulbright (Ord Minnett Management Limited).
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”.
“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.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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