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Australian Unity purchases aged care and retirement provider
Insurance company Australian Unity has acquired resi-communities portfolio, Greengate Partnership.
Jerome Doraisamy
Firm: Allens (Australian Unity).
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Deal: Allens has advised Australian Unity on its purchase of aged care and retirement provider Greengate Partnership Pty Ltd. The acquisition expands Australian Unity’s “well established independent and assisted living division”, the firm noted, adding 253 independent living units and 225 residential aged care beds across three sites in Sydney and Brisbane.
Value: $65 million.
Area: Corporate.
Key players: The Allens team was led by partner Mark Malinas, who was supported by senior overseas practitioner Jon van der Walt.
Deal significance: Mr Malinas congratulated Australian Unity on what he called a “significant acquisition”, consistent with the company’s growth strategy.
“The combination of Australia’s ageing population and renewed focus in the sector following the Aged Care Royal Commission is leading to a consolidation in the sector. We expect aged care will feature in the M&A headlines for some time,” he said.
