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Stockland to boost retirement portfolio

Mallesons Stephen Jaques is acting for Stockland Development Pty Limited on its off-market $266 million all-cash takeover bid for Aevum Limited, a retirement village owner and operator advised…

August 05, 2010 • By Lawyers Weekly
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Mallesons Stephen Jaques is acting for Stockland Development Pty Limited on its off-market $266 million all-cash takeover bid for Aevum Limited, a retirement village owner and operator advised by Minter Ellison.

 
 

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The Mallesons team was led by M&A partners Tim Bednall and Lee Horan, who were assisted by senior associate Andrew Phillipson and solicitor Victoria Ngomba.

According to Mallesons, retirement living is a key strategic growth area for Stockland and, if successful, the offer will almost double the size of Stockland's current retirement living business.

"Stockland has been a substantial investor in Aevum for some time, and is now offering to acquire control of the company as part of a broader strategy to build its retirement living business," said Bednall.

Aevum owns 29 established retirement villages across Australia, as well as a development pipeline of around 800 units in the pipeline.

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