Australia’s original and most successful private equity group Pacific Equity Partners (PEP) looked over Serenitas for up to 12 months before approaching residential developer Mirvac to join it 50/50 to pay $1 billion, and place Mirvac in the drivers’ seat to deliver aggressive profit growth. PEP likes to sell investments within five to seven years and more than double its money. No pressure.

The $1 billion deal and Mirvac’s entry into the land lease is hugely significant. It opens a new growth residential segment for Mirvac with immediate scale to challenge the sector’s big three: Ingenia Communities, Stockland Halcyon and Hometown Australia.

Serenitas owns and operates 27 communities with over 6,200 sites, with more