The firm guided Prime Value Asset Management Limited in a deal that expands their portfolio
Russell Kennedy has helped Prime Value Asset Management Limited to complete its purchase of four retirement villages for $105.3m.
Prime Value assumed ownership of Beleura Village (Mornington), Cardinia Waters Village (Pakenham), Main Street Village (Pakenham) and Wyndham Grange Village (Tarneit) from Retirement Communities Australia. All together, the villages comprise 909 independent living units along with clubhouse amenities.
“We were attracted by the strong occupancy and high quality of the villages, with future demand underpinned by the desirable village locations and favourable long-term demographic trends”, Centennial Living managing director Derek McMillan said.
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Principals Rosemary Southgate and Solomon Miller (property/retirement living/M&A) led the Russell Kennedy team in working on the deal. They received support from associate Kathryn Bastounas (property) and lawyer Jack Noone (property).