Last Thursday the Financial Review reported that the largest private equity firm in Australia was very close to buying land lease operator Serenitas, a joint venture between Tasman Capital Partners and GIC, Singapore’s sovereign wealth fund. We asked Serenitas CEO and Executive Chairman Rob Nichols if it was “garbage or no comment”.
“No comment Ian” was the response indicating that Pacific Equity Partners (PEP) is indeed close to buying the owner/operator of 28 land lease communities.
The Australian newspaper has added that Mirvac may be joining the PEP team, which could make sense as Mirvac has repeatedly expressed a desire to join the land lease phenomena.
Serenitas was formed when GIC and Tasman Capital Partners, which Rob co-founded, bought WA-based National Lifestyle Villages in 2018 from Navis Capital and Blackstone. Rob has successfully grown Serenitas and told The SOURCE in April:
“We had a record 6 months to December 22 with Serenitas' new home settlements exceeding each of GemLife, INA (Ingenia), LIC (Lifestyle Communities) and Stockland/Halcyon.”
PEP was reported by The Australian to have walked away from buying Serenitas but the latest story states PEP’s second Secure Assets Fund recently locked in $1.4 billion, after initially targeting $1 billion, and will use that to buy the land lease business.
The SOURCE: The $1 billion value has been created in just five years. The deal will shock the retirement village sector where $1B bought Aveo and around that figure valued Lendlease Retirement.
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