Allens has advised Australian Unity on its purchase of aged care and retirement provider Greengate Partnership Pty Ltd for approximately $65 million (net of cash).
The acquisition expands Australian Unity's well established independent and assisted living division, adding 253 independent living units and 225 residential aged care beds across three sites in Sydney and Brisbane. It also includes a prime development site in Brisbane with approval for a vertical retirement village and residential aged care precinct with 107 bed licenses.
'We congratulate Australian Unity on this significant acquisition, which is consistent with the company's growth strategy,' said lead Partner Mark Malinas.
'The combination of Australia's ageing population and renewed focus in the sector following the Aged Care Royal Commission is leading to a consolidation in the sector. We expect aged care will feature in the M&A headlines for some time.'
The transaction builds on the firm's extensive experience in M&A in the healthcare sector, having recently advised BGH Capital on the acquisition of Healius' medical centres and PRP Diagnostic Imaging on the successful sale of a 75 per cent stake in the business to Crescent Capital.
