RetireAustralia is officially off the market, with New Zealand-based owners Infratil and NZ Super Fund (NZSF) resolving to keep their shares in the operator following a strategic review.
Despite reported interest from Australian Unity and Lendlease in acquiring the business, which at one point had an estimated price tag of at least $1 billion, Infratil and NZSF will each retain their 50% stake in RetireAustralia, which saw strong annual results this year.
The strategic review concluded that, despite it being a “relatively small part” of Infratil’s portfolio, retaining and supporting RetireAustralia would be the best way to maximise stakeholder value.
“The RetireAustralia business is performing strongly on almost all metrics. Occupancy across the portfolio is at 93.3%, the highest level since 2017,” said Jason Boyes, Infratil’s Chief Executive (pictured). “The provision of quality retirement living options with integrated care to end-of-life is still an ‘idea that matters’ and Infratil is pleased to support RetireAustralia’s continued growth and success.”
Toby Selman, Senior Advisor Real Estate at NZSF, said RetireAustralia continues to be a valuable long-term investment for the NZ Government-run fund.
“We’re happy to continue our support of RetireAustralia, alongside Infratil and Morrison & Co, and to help the company realise its business objectives,” he said.
RetireAustralia currently has more than 5,000 residents across 29 villages in NSW, SA and Queensland, with The Green Tarragindi in Brisbane to become its 30th when it opens next year.