Allens has advised Brookfield on the USD3.85 billion sale of retirement living provider Aveo to The Living Company Group, the parent entity of Scape Australia, marking the country’s largest direct real estate deal.
Allens partners Chris Blane and Vijay Cugati led the transaction team, involving multiple practice areas. The firm’s legal team advised Brookfield on the competitive sale process, including the pre-process acquisition of outstanding shares in Aveo Healthcare through a takeover offer, as well as financing matters, vendor due diligence, regulatory matters and transaction execution.
“We have significant recent experience in the space, having advised Brookfield on its acquisition of Aveo in 2019; Aware Super and APG in relation to their investments in Keyton (the former Lendlease retirement business); and Aware Super in relation to its investment in Oak Tree Retirement, among others,” Blane told Asia Business Law Journal.
He also said a variety of retirement-related regulatory matters had to be considered in the deal. He added the proposed acquirer requires Foreign Investment Review Board approval for the transaction.
Blane said that the transaction involved a parallel takeover for Aveo to acquire outstanding minority interests in a majority-controlled subsidiary, ensuring the sale transaction could proceed in compliance with the Corporations Act.
He also clarified that this “direct” real estate transaction involved acquiring property directly, rather than through a management platform or vehicle with unrelated operational features.
