Arrangement with Assembly Funds Management involves plan to acquire two sites in Victoria
K&L Gates, global firm, has confirmed that it advised Elka Capital Pty Limited in a joint venture with Assembly Funds Management (AFM) to acquire two sites in northern Victoria.
Lisa Lautier and Naomi Philp, investment funds partners, led the K&L Gates deal team.
Support came from real estate partner Samuel Brown, corporate partners Daniel Atkin and Simon Leslie, tax partner Stuart Broadfoot, finance partner Richard Gray, and intellectual property partner Chris Round.
The deal team also included special counsel Karen Yuan, senior associate Renee Xue, and lawyers Dhivya Kalyanakumar and Beliz Ozturk.
“Australia's demographic shift towards an older population has fueled a growing interest in community living, attracting institutional capital,” Lautier said in the news release of K&L Gates. “We are pleased to contribute to this initiative, showcasing our collaborative strength across multiple practice groups.”
“We are thrilled to assist Elka Capital in this rapidly growing sector, which offers alternative community living options for senior Australians,” Philp added in the news release.
Deal background
This arrangement is part of a broader plan of Elka Capital and AFM, according to the news release of K&L Gates.
Together, these two parties intend to develop and to manage a portfolio worth over $500m and consisting of over 10 communities and 2,000 homes along Australia’s east coast. They plan to use a land lease model that will enable homeowners to purchase their homes while leasing the land from the operator, who will oversee the estate in exchange for lease payments.
“Elka enjoyed collaborating with the K&L Gates team on this transaction,” said Tom McDonald, Elka Capital director, in the firm’s news release. “K&L Gates demonstrated their depth of experience and provided great service throughout the process.”
K&L Gates is a global firm with lawyers practising across five continents. The firm’s lawyers have assisted clients including multinational corporations, growth and middle-market companies, capital markets participants, entrepreneurs, public sector entities, educational institutions, philanthropic organizations, and individuals.
