Ashurst advises Mirvac on A$1.01 billion acquisition of Serenitas

Global law firm Ashurst has advised Mirvac Group on its A$1.01 billion acquisition of land lease community operator Serenitas. The sale was made in partnership with Pacific Equity Partners (PEP) and Tasman Capital Partners.

Serenitas owns a portfolio of 27 land lease lifestyle communities for people over 50 across NSW, VIC, QLD and WA, including Thyme Lifestyle Resorts and National Lifestyle Villages. Mirvac Group is an ASX-listed Australian property group that owns and manages assets across the office, retail and industrial sectors.

The structure will be a joint venture in which Mirvac and PEP will hold ~47.5% ownership each, with the remaining minority interest held by Tasman, an existing co-owner. Mirvac will make a ~A$300 million initial investment with ~A$240 million funded on settlement and A$60 million deferred for 12 months. The settlement is predicted for the third quarter of 2024.
Ashurst Practice Group Co-Head of Corporate Transactions, Australia, Anton Harris, said:

"We are pleased to have again assisted Mirvac with a transformative transaction assisting the company to expand into the Australian land lease sector."

Mirvac Group's CEO & Managing Director, Campbell Hanan, added:

"We are delighted to be partnering with PEP and Tasman, both having a strong track record in building and institutionalising portfolio companies and are highly experienced in executing business acquisitions… With over 50 years track record delivering a wide range of products across the residential sector, we look forward to expanding our customer offering into land lease communities, with this quality, affordable product for over 55s."

The Ashurst team was led by partner Anton Harris, who was assisted by: partners Lisa Simmons, Con Tzerefos, and Rehana Box, senior associates Alexandra Nash, Meg Murray, and Sharon Liu and associate Sophie Norrish (Corporate Transactions); partner Pauline Tan and associate Renata Labio (Real Estate); partner Jennie Mansfield and senior associate Mohamad Ardati (Employment); and partner Anita Cade (IP/Media).