Blackstone is investing in a portfolio of retirement assets in New Zealand, buying assets for funds it manages.

Listed Australian company Lendlease is selling the portfolio of five retirement villages for an undisclosed amount.

The assets are worth approximately $71m (€63.6m), according to press reports.

Blackstone expects to close the deal in the coming months.

Four of the five assets are in Auckland, with a fifth in Mount Maunganui.

The deal will mark Lendlease’s exit from retirement real estate in New Zealand.

The company has invested in the retirement sector across Australasia.

The two companies have completed deals in the past – Blackstone bought Lendlease’s Greensborough Plaza in Melbourne in 2013.