Bell Gully advises Blackstone on sale of Arena Living retirement village portfolio

2 December 2021

Bell Gully is pleased to have advised leading global asset manager, Blackstone, on the sale of its Arena Living retirement village portfolio to NZX-listed Arvida Limited for NZ$345 million.

The Arena Living portfolio consists of six retirement villages located in Auckland and Tauranga, with a total of 648 villas, 340 apartments and 58 serviced apartments.

The Bell Gully team advising Blackstone was led by corporate partner Dean Alderton, with support from lawyers Alexandra Sims and Connor Chalmers.

Commenting on the transaction, Dean said: “We’re pleased to have had the opportunity to work with the Blackstone team on the sale of Arena Living.  We’ve had a relatively long–standing relationship with Blackstone in relation to this investment, and it’s great to see the joint efforts of the Blackstone and Arena Living teams rewarded by the sale to Arvida.

Bell Gully also advised EQT Infrastructure IV Fund on its NZ$1.3 billion acquisition of NZX-listed retirement village operator Metlifecare, by way of a scheme of arrangement, which was awarded the M&A Deal of the Year at the New Zealand Law Awards 2021.