In Australia's largest ever direct real estate deal, Allens has advised Brookfield on the $3.85 billion sale of retirement living provider Aveo to The Living Company, the parent entity of Scape Australia.
Aveo owns and manages a portfolio of more than 10,000 units across 67 retirement villages, primarily in high-value metropolitan suburbs across Australia. With a development pipeline of over 3,500 additional units and a total footprint of 3.4 million square metres, Aveo is one of the largest and most strategically positioned retirement living platforms in the country.
Allens advised Brookfield on the competitive sale process, including on the pre-process acquisition of the outstanding shares in Aveo Healthcare Limited by way of takeover offer, financing matters, vendor due diligence, regulatory matters and transaction execution.
'This is expected to be one of the largest transactions in Australia this year and a landmark deal for Brookfield in the local market,' said lead partner Chris Blane.
'We are thrilled to have supported the Brookfield team on its successful exit, having been involved in advising on the asset since 2019.'
'The transaction reflects growing investor interest in high-quality retirement living assets, particularly those aligned with demographic trends and located in premium urban areas,' added partner Vijay Cugati.
'We're seeing a broader trend of activity in the sector, with recent sales and capital raisings highlighting the increasing institutionalisation of retirement living and aged care assets.'
Allens' role in relation to the transaction follows its role advising Brookfield on the acquisition of then ASX-listed Aveo in 2019 pursuant to a scheme of arrangement.
