Russell Kennedy has advised Longevity Group Australia (Longevity) on the sale of The Mornington Retirement Village to Southern Cross Care.
The Russell Kennedy team was led by Principals Rosemary Southgate (Property), Wai Hwoon Low (Property) and Rohan Harris (M&A/Corporate), with assistance from Rory Maguire, Special Counsel (M&A/Corporate) and Libby Pallot, Principal (Employment). Russell Kennedy advised Longevity on all aspects of the transaction, including the sale of land and business assets and employee matters.
This acquisition indicates that there remains activity and opportunities for buyers and sellers in the retirement living market, despite prevailing economic and industry factors. In particular, for sellers, there remain significant advantages in transacting with charitable or not-for-profit buyers given taxation concessions available to them.
Southern Cross Care acquiring Mornington Retirement Village has been reported in Lawyers Weekly, and in the Australasian Lawyer.
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