Breaking News: Allens Advises Brookfield on $3.85 Billion AVEO Purchase
Australia’s Largest Real Estate Transaction
In a significant development in Australia’s real estate sector, Allens has advised Brookfield on the sale of retirement life service provider AVEO for a staggering $3.85 billion to The Living Company Group, the parent of Scape Australia. This transaction marks the largest real estate deal the country has ever seen.
Allens’ Role in the Deal
Allens played a critical role in advising Brookfield through the entirety of the selling process. The legal team, led by partners Chris Blane and Vijay Cugati, provided comprehensive advice on competitive bidding methods, acquisition of Aveo Healthcare’s shares, financing, seller due diligence, and regulations.
Navigating Complex Regulations
Speaking about the transaction, Chris Blane, a lawyer at Allens, underscored the complexity of the regulatory landscape surrounding retirement services. He highlighted that the deal required approval from the Foreign Investment Review Board (FIRB) and mentioned that it was AVEO’s unique stakeholder involvement that enabled the sale to be executed according to company law.
Direct Real Estate Transaction Method
Blane also explained a particular methodology termed the ‘direct’ real estate transaction. This approach allows for the direct acquisition of real estate without the need for intermediary management platforms or entities with separate operating functions, streamlining the acquisition process considerably.
