Aware Super has paid A$525m (€319m) to buy Lendlease’s 25.1% stake in Australian retirement village platform Keyton Retirement Living Trust, lifting the Australian pension fund’s stake to 74.1% alongside co-investor APG.
Keyton, the largest retirement village operator in Australia, maintains a portfolio of 66 villages with a resident population of over 15,000.
Alex Misev, Aware Super’s head of property, said: “Increased ownership in Keyton reflects Aware Super’s strong belief in the business and our conviction in retirement living, which aligns with the fund’s property strategy through exposure to long-term senior living demand backed by an ageing demographic and a structurally undersupplied sector.”
Lendlease said the divestment was further progress on its capital recycling initiatives and would use the net proceeds to reduce debt.
The latest transaction brings the total of announced and completed capital recycling initiatives from the capital release unit to A$3.4bn as the group continued to advance other key transactions that were targeted for this and early next financial years.
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