Bell Gully advised Blackstone on the sale of its Arena Living retirement village portfolio.
Arvida Group Limited (NZX: ARV) has entered a conditional agreement to purchase 100% of the shares of Arena Living Holdings Limited (Arena Living) for approximately NZ$345 million.
Arena Living owns a portfolio of six retirement villages located on prime sites in Auckland and Tauranga. The villages include Peninsula Club, Mayfair Village, Knightsbridge Village, Parklane Village, Mt Eden Gardens and Ocean Shores Village.
The acquisition will be funded through a NZ$155 million underwritten placement at a price of $1.96 per share; NZ$175 million underwritten 1 for 6.57 pro-rata renounceable rights offer (Rights Offer) at an issue price of $1.85 per share; and NZ$23 million of bank debt.
Arvida Limited offers retirement living accommodation and aged care services to over 4,500 residents, and are one of the largest providers of aged care services in New Zealand.
The Bell Gully team advising Blackstone was led by corporate partner Dean Alderton (Picture), with support from lawyers Alexandra Sims and Connor Chalmers.
Law Firms: Bell Gully;