Russell Kennedy has advised the Qualitas Group (Qualitas) on the acquisition of three retirement living villages from Stockland Property Group (Stockland). Minter Ellison advised Stockland on the deal
The portfolio includes Burnside Retirement Village, Taylors Hill Retirement Village and Keilor Retirement Village which are all located in Melbourne’s north-west. The villages include 649 dwellings and are Qualitas’ first investment in the retirement living sector.
Established in 2008, Qualitas manage more than $2.2 billion committed capital.
The acquisition illustrates to the sector investor confidence in the potential uplift in existing retirement villages.
The acquisition is a joint venture between real estate investment manager, Qualitas, and retirement living operator, Centennial Living headed by Derek McMillan. Derek was previously the chief executive of Australian Unity’s retirement and aged care business, he left in 2017 as the longest-running chief executive in the retirement village sector.
The Russell Kennedy team was led by principals Rosemary Southgate (Picture) and Solomon Miller, with assistance from Kathryn Elleman, John Corcoran and Donna Rayner, and lawyers Eleanor Athanasiou and Lillian Graystone.
Involved fees earner: Eleanor Athanasiou – Russell Kennedy Lawyers; John Corcoran – Russell Kennedy Lawyers; Kathryn Elleman – Russell Kennedy Lawyers; Lillian Graystone – Russell Kennedy Lawyers; Solomon Miller – Russell Kennedy Lawyers; Donna Rayner – Russell Kennedy Lawyers; Rosemary Southgate – Russell Kennedy Lawyers;
Law Firms: Russell Kennedy Lawyers;
Clients: Qualitas Property Partners Pty Ltd;