Herbert Smith Freehills advises Pacific Equity Partners on A$1 billion acquisition of Serenitas

Herbert Smith Freehills (HSF) has advised Pacific Equity Partners (PEP) on its proposed acquisition of leading land lease operator Serenitas in partnership with Mirvac and Tasman Capital. 

The proposed acquisition is expected to complete in early 2024. 

PEP joins Mirvac (each owning ~47.5%) and existing co-owner Tasman Capital (which will hold the remaining minority interest) in a joint venture to acquire Serenitas from Singaporean sovereign fund GIC.

Serenitas is one of Australia’s leading pure-play land lease operators, with a portfolio comprising 27 communities with over 6,200 sites. As part of the transaction, the 100+ Serenitas team, led by Serenitas CEO Rob Nichols, will continue to manage the 27 communities and provide sector-leading expertise. Its portfolio of lifestyle communities around the country includes the Western Australian National Lifestyle Villages brand, Thyme Lifestyle Resorts and National Lifestyle Villages.

The transaction was complex with a bespoke acquisition and financing structure and joint venture investment by the new owners.

PEP client relationship partner Hayley Neilson said, “Having worked with Pacific Equity Partners for a number of years, it has been fantastic to support their talented team on another great investment for the Secure Assets Fund”. 

HSF partners Philip Podzebenko, Clayton James and Robert Bileckij, senior associates Taseen Rafi and Jack McDonell, and solicitor Benedict Cheung acted for Pacific Equity Partners on the corporate aspects.

HSF partner Hayley Neilson, senior associates Kelvin Choy and Betty Huang, and solicitor Samantha Wong advised on the debt financing aspects.

Partner Julie Jankowski, senior associate Danica Corbett and solicitor Sabrina Xiao advised on the real estate aspects.

This deal is the latest example of HSF’s market-leading work in Australian private equity.

Other recent examples include the firm advising:

• Intellihub and its shareholders, including Pacific Equity Partners on its sale of securities, a new share subscription, financing, and establishment of a new strategic joint partnership with Brookfield.
• Bain Capital on its $3.5 billion acquisition of Virgin Australia Group by way of a deed of company arrangement.
• EQT’s acquisition of Icon Group.
• Morrison & Co on the acquisition and financing of QScan Group.
• Crescent Capital Partners on the financing of acquisition and recapitalisation of PRP Imaging Group.