GADENS Lawyers has advised Stockland on its recent acquisition of three retirement villages owned by the Retirement Villages Group for $22 million.
The villages are located in Brisbane, the Gold Coast and Canberra, and together add a further 376 Independent Living Units to Stockland’s portfolio.
The deal will assist Stockland to consolidate its position as a leading owner of retirement villages in Australia, Gadens partner Paul Brown said.
“The deal involved simultaneous exchange and settlement of contracts for the sale of the corporate structures which hold the villages and completed on schedule on 30 June.”
The Stockland in-house legal team was led by Clayton Severino supported by the Gadens Lawyers team led by Partners Paul Brown and Arthur Koumoukelis and including Ilana Brooks and Niva Yoganathan (Corporate), Jessica Smythe (Aged Care and Retirement
Villages), David Morgan (Banking and Finance), Gary Koh and Stafford Hopewell (Property)
and Cameron Steele (Stamp Duty).
Minter Ellison acted for the Retirement Villages Group.
CEO of Stockland Retirement Living, David Pitman said: “We are in a position to purchase selectively targeted villages without a significant increase to our overheads. The purchase adds scale to our Queensland operations while also signalling our entry into the Canberra retirement village market.