Australian retirement village operator, Keyton, has sold its portfolio of retirement villages in Western Australia to the not-for-profit BaptistCare, reportedly for A$140m (€79m). Neither party has disclosed the price.
The deal involves 10 retirement villages across Western Australia – eight located in metropolitan Perth, one each in regional centres – Mandurah and Bunbury. Combined, these villages include 1,639 homes made up of 1,568 independent living units and 71 independent living apartments.
More than 2,080 residents live in the villages. Keyton, which is jointly owned by APG, Aware Super and Lendlease, has operated in WA for many years.
Charles Moore, CEO of BaptistCare said the transaction was an important milestone for the operator’s continued growth as a national care organisation.
He said: “We are thrilled to expand BaptistCare’s presence in Western Australia and welcome a large new community into the BaptistCare family. The portfolio complements our existing 10 villages, 12 aged care homes and three home care hubs in WA.
“It’s been our priority for more than 80 years to care for older Australians, and now as a national organisation, we’re excited by the scale, resources and expertise we can bring to this next chapter.”
Keyton, which operates and owns 75 villages around Australia, was previously known as Lendlease Retirement Living, but changed its name in 2023. In 2017, Lendlease sold down a 25% stake in the company to the Dutch investor APG. Then in 2021, it sold a 25% to Aware Super, which in the following year, topped up its holding to 49.9%.
Separate to the WA deal, Lendlease has been marketing its 25.1% interest in Keyton, with an expected valuation of around A$500m, since June 2023. It has been fielding discussions with potential buyers including from Scape Australia, now operating as The Living Company. But to date no deal has transpired.
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