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Retirement village acquisition complete

Retirement village acquisition complete

Gary Goldman, Minter Ellison

Two firms have advised on the Aveo Group’s acquisition of Freedom Aged Care for $215.5 million.

Firms: Minter Ellison (Aveo Group); Ferguson Cannon (Freedom Aged Care)

Deal: The Aveo Group acquired Freedom Aged Care.

Value: $215.5 million

Area: M&A

Key players: The Minter Ellison team was led by partners Gary Goldman and Robin Lyons, who were assisted by partners Darren Sumich, Rhys Guild and Penelope Eden, and special counsel Danielle Lim, Adrian Rich, Stephen Knight, Sally Newman and Kathleen Ng.

The Ferguson Cannon team was led by partner Byron Cannon.

Deal significance: Owner, operator and manager of retirement communities Aveo Group has acquired 100 per cent of Freedom Aged Care Pty Ltd for $215.5 million, comprising cash, scrip and assumption of debt.

Freedom owns and operates more than 1,000 units in 15 retirement communities in Queensland, NSW, Victoria and Tasmania, as well as a development pipeline of 533 units.

The acquisition boosts Aveo’s total portfolio to 95 retirement communities with 17,000 homes around the country.

“Our rapidly ageing population is driving demand for high-quality care and residential facilities,” Minter Ellison lead partner Gary Goldman (pictured) said.

“We have seen strong M&A momentum across the entire retirement and aged care sector and believe we are likely to see increased foreign and domestic investment interest in good-quality assets.”

 

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