Southern Cross Care scoops up Mornington Retirement Village
Russell Kennedy Lawyers and HWL Ebsworth have advised on an M&A deal which sees Southern Cross Care acquire The Mornington Retirement Village.
Firms: Russell Kennedy Lawyers (Longevity Group Australia); HWL Ebsworth (SCC)
Deal: Russell Kennedy has advised Longevity Group Australia (Longevity) on the sale of The Mornington Retirement Village to SCC.
Key players: The Russell Kennedy team was led by principals Rosemary Southgate, Wai Hwoon Low and Rohan Harris, with assistance from special counsel Rory Maguire and principal Libby Pallot.
Deal significance: In this matter Russell Kennedy advised Longevity on all aspects of the transaction, including the sale of land and business assets, as well as employee matters, a statement from the firm said.
“This deal is of interest as it indicates that there remains activity and opportunities for buyers and sellers in the retirement living market, despite prevailing economic and industry factors,” it added.
“In particular, for sellers, there remain significant advantages in transacting with charitable or not-for-profit buyers given taxation concessions available to them.”