SYDNEY, AUSTRALIA: Aware Super has entered into an settlement to acquire an additional 24.9 per cent curiosity within the Lendlease Retirement Living Trust, having bought an preliminary 25 per cent curiosity in March 2021.
The acquisition, for a consideration of $4901 million, is anticipated to full today. Upon completion, Aware Super will maintain a 49.9 per cent curiosity within the Lendlease Retirement Living Trust, Lendlease will maintain a 25.1 per cent curiosity and Dutch pension asset manager, APG Asset Management, will maintain a 25 per cent interest.
Lendlease Retirement Living is one of Australia’s largest owners, operators and builders of retirement villages with greater than 30 years’ expertise within the sector. Its portfolio comprises seventy five retirement villages that are home to roughly 17,000 residents throughout Australia.
The acquisition introduced today includes possession of the retirement village portfolio, its related working platform, in addition to its development capabilities and retirement living development pipeline. The Retirement Living enterprise will proceed to commerce under the Lendlease Retirement Living brand.
Today’s announcement additional strengthens and grows the connection between Lendlease and Aware Super together with the Lendlease Americas Residential Partnership which invests in projects in Chicago, Boston, New York and Los Angeles. Aware Super is a key investor in a variety of our funds throughout the Australian investments platform.
Lendlease Global CEO Tony Lombardo said, “Today’s announcement that Aware Super will purchase an additional curiosity within the Lendlease Retirement Living Trust additional cements the connection between our two organisations.
“Strategically, we flagged someday in the past our intent to additional reduce our possession of Retirement Living, constant with our technique to reallocate capital towards the supply of our $112 billion development pipeline and develop our investments platform.”
Lendlease Australia CEO Dale Connor said, “The overriding focus of the Retirement Living enterprise is to present present and future residents the highest high quality residences, services and support.
“Aware Super’s acquisition of an additional curiosity within the Lendlease Retirement Living Trust is a vote of confidence within the standard of our team and their service offering, and additional helps the execution of our Australia strategy.”
www.lendlease.com