The firm assisted its client’s new private capital division on the transaction
Norton Rose Fulbright (NRF) has advised private wealth management group Ord Minnett Management Limited on its investment in a fund earmarked for the development of a $125m aged care and assisted living facility in South Melbourne.
Member-owned wellbeing company Australian Unity acts as a co-investor, and will operate the facility on its completion, which is scheduled for the latter half of 2022.
“The project involves the repurposing of Australian Unity’s former head office into a premium aged care and assisted living community, co-located with Australian Unity’s newest retirement village, The Grace,” NRF said. “The project forms part of Australian Unity’s integrated Albert Park Wellbeing Precinct with assisted living apartments, wellness centre, restaurant and retail spaces to facilitate a continuum of home and health care options facilitating the changing needs of its residents.”
The firm guided Ord Minnett’s new private capital division on the transaction.
“It was great to be able to work with the Norton Rose Fulbright team again, as this was a new investment structure for us and the coordination of all of the various workstreams and transaction dynamics was important. The team was able to pull this together seamlessly at the same time as giving commercial advice,” said Trent Donnelly, director of Ord Minnett’s new division.
NRF’s team advised on all stages of the deal – it conducted legal due diligence and drafted, negotiated and facilitated the signing and exchange of key equity, senior financing and project-related documents. Corporate M&A partner Ben Smits took the lead alongside banking and finance partner Tim Mornane.
The partners were supported by senior associate Charlie Watson and lawyer Andrew Cho from the corporate M&A team, as well as by special counsel Andrew Singh from the banking and finance group.
“The Norton Rose Fulbright team was delighted to assist Ord Minnett’s private capital team on this new investment. The transaction involved a novel structure, and it has been particularly rewarding to have played a part in a new investment partnership that is intended to deliver high quality services and accommodation to senior Australians in need,” Smits and Mornane said.
The transaction was closed on 16 February.