Singapore’s GIC and Tasman Capital Partners have teamed up to buy an Australian retirement village owner from Navis and Blackstone.

The 50-50 joint venture, known as Serenitas, is buying the Perth-based National Lifestyle Villages (NLV) for an undisclosed price.

GIC has been looking for an opportunity to enter the manufactured home sector in Australia. In September 2016, IPE Real Assets reported that the sovereign wealth fund was looking to acquire NLV

Last year the Australia-listed Gateway Living made an unsuccessful attempt to take over NLV, reportedly for around AUD275m (€177.1m).

NLV owns 10 gated communities in Western Australia. It has a development pipeline and a land bank.

Serenitas CEO, Rob Nichols, said: “Serenitas is an Australian-based operator that is providing a significant capital injection to NLV which will give a substantial boost to the Western Australian economy.”

Nichols said the sale of the NLV business to Serenitas will ensure that NLV has a sustainable capital structure to enable its long-term success.

Serenitas has committed to invest significant capital to complete development of the NLV villages.

The founder and director of NLV, John Wood, will stay on after the change of ownership as national marketing executive initially to focus on transferring NLV business to Serenitas

“This is a bright new era for NLV’s residents under a long-term focused and stable capital structure, said Nichols.

He said Serenitas will be seeking further growth opportunities in the sector, described as one of Australia’s fastest growing in Australia’s housing industry.