The acquisition will see the super fund gain ownership of Lendlease’s portfolio of 75 retirement villages that home more than 16,000 residents, as well as its associated operating platform, its development capabilities and associated pipeline.
Lendlease will hold a 50 per cent stake in the Retirement Living business with Dutch pension asset manager, APG Asset Management, and Aware Super each holding a 25 per cent interest.
The Retirement Living business will continue to operate under the Lendlease brand, while it continues to manage the network of retirement villages.
Lendlease property chief executive Kylie Rampa commented the transaction will build on her company’s partnership with Aware Super, while further strengthening the retirement living joint venture.
Damien Graham, chief investment officer at Aware Super added the investment aligns with the fund’s property strategy, which has an increased focus on the residential, such as “affordable housing, multi-family and retirement living” as well as industrial sectors.
“Following the impacts of bushfires, drought and COVID-19, we have seen a strong uplift in Australians considering the safety, security and affordability of retirement living,” Mr Graham said.
“Investments such as this support Aware Super to do well for our members in terms of strong, sustainable, long-term returns while doing good in the communities where they live, work and retire.”
Aware Super also has previously invested in Lendlease urbanisation projects across the US.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].