Herbert Smith Freehills Kramer advises Aware Super on tax aspects of acquiring a further 25.1% interest in retirement village operator Keyton

Herbert Smith Freehills Kramer (HSF Kramer) has provided tax advice to superannuation fund Aware Super in relation to its acquisition of a further 25.1% interest in retirement village operator Keyton from Lendlease.

Aware Super has increased its ownership stake from 49.9% to 75%, with the fund having acquired its initial interests in Keyton in 2021 and 2022. Alongside Aware Super, Dutch pension fund APG will retain its existing 25% stake in the business.

Keyton is Australia’s largest owner and operator of retirement villages, with 66 retirement villages and over 15,000 residents across Australia. 

Alek Misev, Aware Super’s Head of Property, said the fund is pleased to deepen its commitment to the retirement living sector in Australia, delivering strong returns to its members.

“Aware will continue to progress key strategic initiatives that support Keyton’s long-term strategy, operational performance and the ongoing delivery of high-quality retirement living,” he said.

The HSF Kramer team was led by Tax partners Ryan Leslie and Jinny Chaimungkalanont, with support from executive counsel Naison Seery, senior associate Daniele Rostirolla, and paralegal Rachel Webb. 

Ryan said, “It was a pleasure to work with the team at Aware Super again on this transaction. With Australia’s ageing population, it’s increasingly important to invest in the growth of high-quality senior living facilities.”

This is the latest example of HSF Kramer's market-leading work in taxation. Other recent examples include advising:

• Aware Super on the tax aspects of its acquisition of Moorabbin Airport  
• UniSuper on the tax aspects of its acquisition of Qube
• Astralas on its merger with Quadrant’s Bastion Security Group
• Axight on the acquisition of Estia Health as part of a Stonepeak-led consortium
• Energy Fuels, Inc. on its proposed acquisition of Australian Strategic Materials Limited
• Apiam Animal Health on its acquisition by Adamantem Capital
• One Investment Management on its acquisition of Insignia Financial
• The ad hoc noteholder group on the financial restructuring of InfraBuild’s 14.5000% Senior Secured Notes 
• EnergyAustralia on its development of a 350 MW/1400 MWh battery energy storage system in Latrobe Valley