Media Release | 20 February 2019
Hall & Wilcox advises Arena REIT acquisition of three specialist disability housing properties
Hall & Wilcox has advised Arena REIT on its recent acquisition of three specialist disability housing properties in Adelaide for $23.95 million. The three properties, in Salisbury, Kingswood and North Adelaide, are leased on a long term basis to SA disability care and rehabilitation services provider SACARE.
The Hall & Wilcox team, led by partner Natalie Bannister, advised Arena on all components of the transaction. The team also comprised special counsel Jim Koutsakostas and lawyers Lorraine Ng and Ella Simmons.
Natalie commented that “Hall & Wilcox is delighted to be partnering with Arena to support it delivering on this strategic acquisition. This project represents Arena’s first foray into this emerging asset class, which represents a significant new opportunity for the fund.
“Hall & Wilcox was able to navigate the legislative regime, assisting Arena with identifying risks and developing a legal strategy to address those risks. The transaction was also time critical and Hall & Wilcox was able to harness the right resources to ensure the transaction was completed on time.”
Backed by Federal funding through the NDIS, the disability housing sector is fast becoming a key asset class for investors. Hall & Wilcox is leading the way in providing specialised legal advice in this space nationally. Recently, the firm has also advised on the Hunter Residences project involving the relocation of tenants in large residential disability centres to purpose built group homes, substantially improving tenant’s quality of life. These purpose built group homes are being built and managed by the Home4Life consortium comprising of Compass Housing, Blue CHP and Lighthouse Infrastructure.
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