Lendlease sells retirement living stake
Lendlease has sold another 25 per cent stake in its Retirement Village Living business.
The deal, with Aware Super, is being struck at book value; the venture is worth c$1.84 billion and the purchaser is paying about $460 million.
The agreement includes ownership in a portfolio of 75 retirement villages, any future development upside and associated operating platforms.
The facilities will continue to operate under the Lendlease Retirement Village Living brand – some 16,000 people call these communities home. Upcoming projects will be managed by the parent.
Four years ago, Lendlease sold another quarter of the business to Dutch pension fund APG Asset Management for c$450m (story continues below).
Lendlease, Aware, build on US relationship
The vendor and Aware Super – formerly known as First State Super – also manage a fund – established in 2018 the Lendlease Americas Residential Partnership invests in urban renewal projects in Boston, Chicago, Los Angeles and New York.
“Following the impacts of bushfires, drought and COVID, we have seen a strong uplift in Australians considering the safety, security and affordability of retirement villages,” Aware chief executive officer, Damien Graham, said of the Australian acquisition.
“This investment aligns with our overall property strategy which has an increased focus on the residential – including affordable housing, multi-family and retirement living – and industrial sectors”.