The retirement living operator, which was created when Sweden based global investment firm EQT Infrastructure bought Stockland Retirement Living’s 58 retirement villages in February 2022, has exchanged contracts on its first of 20 planned land acquisitions.
The 1.75ha site in Bentleigh East, 15km southeast of Melbourne's CBD, will be home to around 400 residents across four buildings, including a village centre.
“Our growth plans are ambitious,”Levande's Chief Executive Officer Kevin McCoy said.
"We hope to make an announcement soon on two other development sites, with a target of acquiring 20 new retirement village sites within the next three years. Across our target markets of Sydney, Melbourne, Brisbane and Adelaide, we aim to build at least 500 new homes a year.”
EQT also owns Metlifecare, New Zealand’s third largest village operator. Kevin said Australia’s housing crisis has given an important extra dimension to retirement living.
"Many, if not most, of our residents are ‘empty-nesters’ – older couples who are downsizing. When they move into retirement living, it means large homes become available for families who need them.”
The deal was managed for Levande by its Head of Acquisitions, Charles Bryant.
Browse retirement villages across Victoria on villages.com.au
