Norton Rose Fulbright advises Ord Minnett Management Limited on investment into aged care and assisted living facility

Global law firm Norton Rose Fulbright has advised Ord Minnett’s Private Capital division on its co-investment with Australian Unity into a fund that will develop an aged care and assisted living facility located at 114 Albert Road in South Melbourne, Victoria operated by Australian Unity (Project). The deal completed on 16 February 2021 and the $125 million development is scheduled for completion in late 2022.

Ord Minnett is a leading private wealth management group with more than $35 billion in funds under advice. Its newly formed Private Capital division has partnered with Australian Unity on the Project. Australian Unity, Australia’s first member-owned wellbeing company, offers health, wealth and care services throughout Australia.

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. 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.

Trent Donnelly, Director of Private Capital at Ord Minnett, said:

“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”.

The Norton Rose Fulbright team was led by corporate M&A partner Ben Smits and banking and finance partner Tim Mornane with support from senior associate Charlie Watson (Corporate M&A), special counsel Andrew Singh (Banking & Finance), and lawyer Andrew Cho (Corporate M&A). The firm advised Ord Minnett throughout the transaction, including conducting legal due diligence, through to drafting, negotiating and facilitating signing and exchange of key equity, senior financing and project related documents.

Tim Mornane and Ben Smits jointly commented:

“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.”