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Allens acts on aged care facility purchase

18 March 2010

Allens Arthur Robinson (Allens) has advised Illawarra Retirement Trust (IRT), Australia's largest, not-for-profit, community based, retirement living and aged care provider, on its acquisition of 'The Links Seaside' co-located high rise retirement village and aged care facility in Wollongong from Horizon Living.

The firm acted for IRT on the purchase of the two properties and related businesses, marking one of the largest single purchases of a combined retirement village and aged care facility in Australia in recent times.

The transaction involved complex compliance requirements under the Aged Care Act 1997 (Comth) and the recently amended Retirement Villages Act 1999 (NSW), where Allens undertook an extensive due diligence process, negotiated all acquisition documentation and acted for IRT on the financing of the purchase.

Partner Mark Stubbings led the deal, advising on all the property and aged care aspects to the transaction, with Partner Tom Story working on the business acquisition documentation, Partner Alan Maxton advising on the financing and Partner Ross Stitt providing GST advice. The Allens partners were supported by lawyers drawn from the firm's corporate, real estate, aged care and finance teams.

'We were very pleased to work with IRT on what was a significant and successful transaction for them,' said Mr Stubbings.

'This is the first time we have worked with IRT on a transaction of this size and nature and we are looking forward to working with them in the future as they enter an exciting growth phase for their business.'

This development is located at the corner of Ross and Corrimal Streets, Wollongong, and includes retirement apartments as well as an aged care facility fronting an ocean front golf course.

Ends

For further information, please contact:

• Jane FoleyCorporate Communications Coordinator, Melbourne
  Ph: +61 3 9613 8503
  Jane.Foley@aar.com.au

Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.