EQT Infrastructure is buying an Australian senior living communities provider from Stockland Group for A$987m (€616.m).

EQT, investing on behalf of its EQT Infrastructure V global infrastructure fund, said it has agreed to acquire  Stockland Retirement Living in a deal expected to close in the second quarter of this year.

Stockland Retirement Living has over 10,000 residents in 58 villages across Australia’s eastern seaboard, and a pipeline of 1,300 new units to be developed in retirement locations.

Tarun Gupta, CEO of Stockland Group, said: “We are confident that EQT will be the right custodian for the residents and employees, and are well placed to support the continued growth of the high-quality Retirement Living platform.”

Ken Wong, EQT’s head of Asia Pacific, infrastructure, said: “With an ageing Australian population and increased focus on enabling Australians to age in place, we are excited to have the opportunity to use our significant global experience in the aged care sector to enhance the range of services provided to current and future residents of Stockland’s villages.”

To read the latest edition of the latest IPE Real Assets magazine click here.