Arnold Bloch Leibler has advised on a merger between housing developer Assemble Communities and specialist affordable housing investment manager Super Housing Partnerships (SHP) to create a combined platform, Assemble, for managing affordable housing projects.
As reported in the AFR and The Australian, the merger is backed by AustralianSuper and HESTA. Having acquired controlling stakes in Assemble, the two superfunds will team up to back the development of $15 billion worth of affordable housing over the next decade to address the housing supply crisis – an estimated 17,000 homes.
Arnold Bloch Leibler acted as deal counsel for the merged entities on all aspects of the transaction, and also advised long-term client and Assemble Managing Director Kris Daff as a continuing major shareholder in the merged platform.
The ABL team was led by partner Ben Mahoney, who was supported by senior associate Ari Bendet, together with lawyers Stephanie Aitken, Christina Cane, Omer Samuni and Keira Unmack. Property & Development partner Dorian Henneron and lawyer Tom Polhill advised on all property and project-related aspects of the transaction.
Ben Mahoney commented: "This merger represents a significant step forward in the affordable housing sector. We are proud to have played a role in establishing this innovative platform and look forward to its positive future impact on the Australian community."
Ari Bendet added: “We congratulate Kris, AustralianSuper, HESTA and the rest of the Assemble team on this transformative transaction. Having worked with both Assemble and SHP since their inception, we are excited to continue to watch the merged platform’s important work in boosting Australia’s housing supply pipeline.”
To read the full article in the AFR, click here.
To read the full article in The Australian, click here.
In 2022, ABL advised SHP on its launch with a $240 million investment from HESTA.
