Lane Neave acts as three retirement villages sell for $180m

by Sol Dolor30 Aug 2019

Lane Neave has helped the Sanderson Group on the sale of three major retirement villages for $180m.

The family-owned group sold Bethlehem Country Club and Bethlehem Shores in Tauranga, as well as the Queenstown Country Club, to the NZX-listed Arvida. The properties include 326 independent living units and also gives Arvida the opportunity to develop 504 more units.

The Lane Neave team was headed by partners Joelle Grace and Sam Nelson. They were supported by senior solicitor Danita Ferreira. Special counsel Peter Orpin provided specialist retirement village advice.

Grace, who was promoted to partner earlier this year, explained why the national firm’s team was perfectly placed to help on the transaction.

“Lane Neave has established a great deal of experience working closely with business owners who are looking either to exit, sell or attract investment into their businesses,” she said. “We also have a great deal of expertise and a strong focus on the retirement villages sector.”

She said that the transaction is not only a good outcome for the Sanderson Group but also for the residents and staff at the three retirement villages.