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The sale to Metlifecare of its retirement and aged care business (excluding Selwyn Village and Hansen Close), and commercial laundry was completed on 28 February.
The sale will enable the Foundation to increase its charitable giving over the next decade to a target of $100 million – up from $10 million over the previous 10 years.
The Chapman Tripp multi-disciplinary team was led by corporate partner Roger Wallis, and comprised property partner Tessa Baker commercial law partner Lauren Curtayne, senior associate Luke Bowers, and solicitors Harry Pye and Jack Walsh.
Selwyn Foundation CEO, Garry Smith, said Metlifecare shared the Foundation’s ‘deep commitment to caring for the whole person’ and was a good values fit.
“Residents and staff are therefore in very good hands, and we have no doubt that each village will prosper under Metlifecare’s careful stewardship. And for The Selwyn Foundation, the released equity will allow us to do so much more in very difficult times to help the growing number of seniors who are vulnerable or in need.”
Metlifecare was primarily advised by Minter Ellison Rudd Watts, supported by Bell Gully on its Overseas Investment Act consent.
This was a very satisfying transaction to work on as the Foundation governors were able to find a purchaser which agreed to manage the transferred villages consistent with the Foundation’s independent Christian faith-based ethos, and continue to provide a high standard of service.Roger Wallis, Partner