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Lend Lease Grows Retirement Village Portfolio With 5 New Properties

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Lend Lease has purchased five retirement village properties from a company controlled by the Oman’s sovereign wealth fund.

According to The Australian, the acquisition will further boost Lend Lease’s fast growing $1 billion retirement villages business.

A purchase price for the properties has not been disclosed however former owner Becton had the properties valued at around $200 million.

The five villages include three Melbourne properties — the Classic Residences in the ritzy Melbourne bayside suburb of Brighton, Menzies Malvern and the Waverley Country Club in Rowville.

The two other villages that are part of the deal are Dee Why Gardens in Sydney’s northern beaches and Woodstock West in Bunbury, Western Australia.

The deal comes less than a week after Australia’s fourth-largest retirement village operator, RetireAustralia,

was purchased by Wellington-based infrastructure group Infratil and Kiwi sovereign wealth fund New Zealand Superannuation Fund, The Australian reports.

The deal valued the company that owns 28 villages comprising more than 3,700 dwellings at $640 million.

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Article originally posted at: https://https://theurbandeveloper.com/articles/lend-lease-grows-retirement-village-portfolio-with-5-new-properties