Russell Kennedy has advised Prime Value Asset Management Limited on the acquisition of 4 retirement villages from Retirement Communities Australia for $105.3 million. The villages will be operated by Centennial Living, an experienced retirement living operator.
This transaction marks another significant milestone for Prime Value Asset Management Limited following their purchase of 4 villages from Stockland in December 2020, which Russell Kennedy also advised on.
The Russell Kennedy team was led by Principal Rosemary Southgate, Principal and Solomon Miller, Principal, (Property / Retirement Living / M&A) with assistance from Kathryn Bastounas, Associate (Property) and Jack Noone, Lawyer (Property).
Russell Kennedy Principal and transaction lead, Rosemary Southgate commented on the success, saying: “We are very pleased to be part of achieving a significant outcome for Prime Value and Centennial Living on this 4-village acquisition to further grow their retirement living portfolio”.
Derek McMillan, Managing Director of Centennial Living said of the merger: “We were attracted by the strong occupancy and high quality of the villages, with future demand underpinned by the desirable village locations and favourable long-term demographic trends.”
About Centennial Living
The 4 villages include a total of 909 independent living units and related clubhouse facilities, and are:
Beleura Village, Mornington;
Cardinia Waters Village, Pakenham;
Main Street Village Pakenham; and
Wyndham Grange Village, Tarneit.
Further Assistance:
For more information regarding our expert Mergers & Acquisitions team, click here or contact Rosemary Southgate.
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Australiasian Lawyer covered the deal here.