Two leading firms advise as retirement village changes hands
There are still opportunities for both buy and sell sides in the retirement-living market, a leading lawyer says.
The comment came from Rohan Harris, Russell Kennedy principal, as his firm advised on an acquisition of a retirement village in Victoria.
HWL Ebsworth advised Southern Cross Care (SCC) in its acquisition of The Mornington Retirement Village from Longevity Group Australia, which was counselled by Russell Kennedy.
The Russell Kennedy team was headed by principals Rosemary Southgate (property), Wai Hwoon Low (property), and Harris (M&A/corporate).
“This deal is of interest as it indicates that there remains activity and opportunities for buyers and sellers in the retirement living market, despite prevailing economic and industry factors,” Harris said. “In particular, for sellers, there remain significant advantages in transacting with charitable or not-for-profit buyers given taxation concessions available to them.”
The Russell Kennedy team also included assistance from special counsel Rory Maguire, (M&A/corporate) and principal Libby Pallot (employment). The firm, which said that the deal’s value is confidential, advised on all aspects of the transaction, including the sale of land and business assets and employee matters.
