The partnership is "a fantastic way to deliver greater housing supply in Australia", partner says
Clayton Utz has assisted Invesco Real Estate (Invesco) on its strategic partnership with ASX lister Stockland – a partnership that lead partner David Wilkie described as “a fantastic way to deliver greater housing supply in Australia”.
Invesco will have a 49.9% interest in the Stockland Land Lease Partnership (SLLP1), while Stockland will hold a 50.1% stake. Through the SLLP1, about 1,190 homes are set to be delivered across three land lease communities.
The development is worth ~$760m overall. The assets in the initial portfolio being developed and held by the partnership are located in Gables (NSW), Coves (QLD) and Redland Bay (QLD); SLLP1 also has the option to acquire a land lease community asset at Providence (QLD) and what Clayton Utz described as “a pipeline of future opportunities”.
SLLP1 enables Invesco to increase its involvement with land lease communities. With the issues of housing shortage and an ageing population weighing on the country, land lease community assets are “an attractive and growing asset class in the real estate sector, and a high-conviction investment for Invesco”, Clayton Utz said.
Wilkie headed up the firm’s team on the transaction with senior associates David Indula and Francis Yuan as well as lawyers Jordan Cheung, Gabriel Bowes-Whitton, Ellie Flannery, James Webb, and Chelsea Tsang. Partner Adam Peppinck also provided additional support alongside lawyers Mikayla Simpson and Dylan Glover.
Environment and sustainable development partner Claire Smith, senior associate Lauren Smith, and lawyer Jessica Lighton lent their expertise as well.
A team from MinterEllison advised Stockland.
